Author: Web Desk

The Minister for Finance of Somalia, Dr. Elmi Mohamud Nur, officially concluded a four-day meeting between the Ministry of Finance of Somalia, the International Monetary Fund (IMF), and the World Bank in Nairobi today. The meeting, which focused on Somalia’s debt relief efforts, marked a significant step towards the country’s economic recovery.

At the center of discussions was the Extended Credit Facility (ECF), an integral part of Somalia’s comprehensive debt relief program. Officials engaged in in-depth deliberations on various aspects, including the debt relief program itself, the restructuring of Somalia’s financial management, domestic revenue generation, Public Financial Management (PFM), and sound financial governance. The guidelines for debt relief and the completion of the final stage, known as the completion point, were also thoroughly examined.

Speaking during the closing ceremony, Minister Elmi Mohamud Nur expressed his satisfaction with the outcome of the meetings. He highlighted the substantial progress made in restructuring Somalia’s financial management system and the commendable efforts invested in achieving total debt relief. The Minister emphasized that the consensus reached on the ECF program with the IMF represents a significant milestone in Somalia’s journey towards complete debt relief.

‘The four days of productive meetings with officials from the IMF and the World Bank have yielded remarkable results,’ stated Minister Elmi Mohamud Nur. ‘We have made significant strides in the restructuring of our financial management system, bringing us closer to the goal of total debt relief.’

Minister Elmi Mohamud Nur further pledged his commitment to strengthening internal revenue collection, enhancing transparency in the country’s financial system, and promoting proper financial management. He underscored the critical role these measures play in Somalia’s pursuit of debt relief and its overall economic revitalization.

The meeting in Nairobi reflects the dedication of Somalia’s government to address its debt burden and create a solid foundation for sustainable development. By actively engaging with international partners like the IMF and the World Bank, Somalia is fostering a collaborative approach to overcome financial challenges and lay the groundwork for a prosperous future.

As Somalia progresses on its path towards debt relief, the international community continues to extend its support, recognizing the importance of Somalia’s economic stability not only for the country but also for regional and global stability. With renewed momentum, Somalia is poised to achieve its objective of total debt relief, paving the way for inclusive growth and a brighter future for its citizens.

Source: Somali National News Agency

The Islands Development Company (IDC) has launched expressions of interest for both foreign and local investors to present plans for tourism establishments on the Seychelles’ islands of Coetivy and Assumption.

The state-owned company’s chief executive, Glenny Savy, told reporters on Wednesday afternoon that the time is right as “IDC has now acquired a lease from the government and as it is developing the island that there would be a symbiotic relationship between tourism development and the agricultural development that will take place on Coetivy.”

“Coetivy is a wonderful place, a great site for a tourism development, something similar to Desroches island, so this is primarily the reason why we would like to develop something on Coetivy in tourism at the same time that we are doing agriculture,” he explained.

IDC is anticipating for a 50-bedroom to a 100-bedroom hotel to be built on the island.

Meanwhile, IDC has relaunched prawn production on Coetivy Island, which is expected to become one of the leading local contributors to the Seychelles’ blue growth agenda.

For the tourism project on Assumption Island, he said was that is to serve the Aldabra Atoll, one of the Seychelles’ UNESCO World Heritage Sites, as the atoll’s policy does not permit for such a development to take place there.

“Aldabra would not survive without the operations on Assumption where there is a base where planes land, among the many activities carried out by IDC. The idea is to try and develop a small centre on Assumption, which will be able to receive guests, who can then transit to Aldabra,” said Savy.

Assumption Island, located southwest of Mahe, is part of the Aldabra group and is managed by the Islands Development Company.

IDC launched an expression of interest for the construction of a 10-bedroom to a 40-bedroom hotel to cater for up to 90 persons for day trips to Aldabra and to return to the semi deserted island to sleep over.

“Assumption Island is very far away from here (Mahe) and it is costing us a significant amount of money every year to maintain the island and the upkeeping of the island,” said Savy.

It costs IDC SCR 10 million ($768,000) to maintain Assumption annually, he revealed.

The project on Assumption will allow IDC to reduce its operating overheads and cost on the island and “it will open Aldabra to a lot more people than there are today and bring in more revenue,” said Savy.

It was also revealed that the development plans on Coetivy will be comprehensive with farms and vanilla productions, in view that Astove and Cosmoledo islands are also not too far for the clients on the prospective hotel on Assumption to visit.

Now that the expression of interest has been launched, investors will have six months to submit their initial plans, while Savy predicted that it may take 24 to 30 months to complete the project – including its construction.

Source: Seychelles News Agency