News Somalia: Somalia and EU to Hold Inaugural Business Forum in October
Somalia's Minister of Commerce and Industry, Jamal Mohamed Hassan, has announced the inaugural EU-Somalia Business Forum, scheduled to take place on 5 and 6 October 2026.
News Somalia: Protecting Somalia's Financial System When Cash Runs Short
When the Somali state collapsed in 1991, the formal banking system collapsed with it. For the next two decades, money moved through hawala networks, informal transfer businesses that carried diaspora remittances to households, financed imports and kept domestic trade running while conventional banks and public institutions were largely absent. Many of those businesses have since become licensed money-transfer operators, commercial banks and digital-payment providers, and the Central Bank of Somalia has been substantially rebuilt.
News Somalia: Somalia pitches trade and investment opportunities at Alamein Africa Forum
Alamein, Egypt (HOL) — Somali President Hassan Sheikh Mohamud called on African business leaders, international companies and investors to explore opportunities in Somalia, saying the country is rebuilding its economy and seeking productive partnerships.
News Somalia: Private Employment Agencies in Somalia: Procedure and General Services
The document, titled "Private Employment Agencies in Somalia: Procedure and General Services," is a comprehensive regulatory framework prepared by the Somali Ministry of Labour and Social Affairs and supported by the International Labour Organization in 2026 to govern the recruitment industry. The primary objective of the report is to establish a transparent, rights-based system that facilitates safe and orderly overseas and domestic employment while protecting the dignity, safety, and welfare of Somali workers and preventing irregular labor migration. Key highlights of the framework include strict licensing requirements for Private Employment Agencies (PEAs), which mandate 51% Somali ownership, a minimum capital equivalent of USD 25,000, and an additional USD 25,000 security deposit to safeguard worker rights. Furthermore, the document strictly prohibits charging recruitment fees to workers, mandates the use of standard employment contracts, and outlines comprehensive procedures for pre-departure orientation, health screenings, labor inspections, and robust dispute resolution and grievance mechanisms to penalize unlawful exploitation.
News Somalia: Somalia joins Multilateral Investment Guarantee after reconciliation with World Bank
MOGADISHU, Somalia - Somalia's road to economic recovery is gaining momentum on a daily basis, following dramatic clearance by the World Bank and International Monetary Fund [IMF] in debt relief ...
News Somalia: Somalia economy to grow by unprecedented 3.7%, IMF confirms
MOGADISHU, Somalia - Despite many hindrances and prevailing circumstances, the economy of the Federal Republic of Somalia is set for an unprecedented growth of 3.7% in 2024, experts have projected, ...
News Somalia: Somalia seeks to cut reliance on nearly $9 billion in annual imports
Mogadishu (HOL) — Somalia imports goods worth nearly $9 billion a year, highlighting the country’s heavy dependence on foreign products and the need to expand domestic manufacturing, Commerce and Industry Minister Jamaal Mohamed Hassan.
News Somalia: Shaping Somalia's Labour Migration through the Development of Regulation for Private Employment Agencies
The two-day consultation workshop on the regulation of Private Employment Agencies (PrEAs) in Somalia, organised by the BRMM programme in collaboration with the Ministry of Labour and Social Affairs ...
News Somalia: When Clan Becomes the Qualification: Somalia’s Civil Service Crisis Deepens
Allegations of clan-based appointments raise fresh questions about merit, state capture and the future of Somalia’s public institutions.
News Somalia: Debt relief or not: Somalia’s choices
MOGADISHU - Somalia’s officials seem to be nearing their ultimate goal of securing a debt relief after the International Monetary Fund said it supports the call. But the celebrations may be put on ice ...
News Somalia: Somalia aims to reduce poverty, pump up infrastructure after debt erased
WASHINGTON – Somalia will press ahead with poverty reduction efforts and a major regional ports and corridors initiative if international creditors forgive the country’s $5 billion debt this February, ...
News Somalia: Somalia Customs Revenue Falls 40% Amid Hormuz Disruptions
Somalia’s customs revenue has fallen by about 40% amid disruptions around the Strait of Hormuz, President Hassan Sheikh Mohamud told the UN ...
News Somalia: Somalia: Puntland's Finance Minister blamed for corruption
GALKAYO, Puntland - The Minister of Finance for Somalia's northeastern Federal Member State of Puntland, Abdullahi Sa'eed Aarshe has been accused of massive corruption, Garowe Online reports. Puntland ...
News Somalia: Somalia Adopts Whole-of-Government Approach to Mobilise Climate Finance through National Climate Fund
Somalia has advanced its climate agenda with the launch of the Somali Climate Finance Trial and the official start of the National Climate Fund (NCF), a move aimed at improving the country’s ability ...
News Somalia: Somalia secures $4.5 billion debt relief deal with international creditors
Somalia on Wednesday secured a $4.5 billion debt relief deal from its international creditors, the International Monetary Fund and World Bank said, which will allow the nation to develop economically and take on new projects. The deal comes as part of a debt forgiveness program —called the Heavily Indebted Poor Countries initiative— overseen by both organizations. As a result of its participation in the program, Somalia’s external debt will fall from 64 percent of GDP in 2018 to less than 6 percent of GDP by the end of 2023, the IMF and World Bank say in a joint news release.
News Somalia: Somali President calls for investment push as country seeks economic growth
Mogadishu (HOL) — Somalia has moved beyond the early stages of post-conflict reconstruction and must now concentrate on attracting investment, expanding domestic production and unlocking its natural resources, President Hassan Sheikh Mohamud said on Saturday.
News Somalia: Fahad Yasin Condemns Cuts to Benefits for Somalia’s Fallen Soldiers and Veterans
Former Intelligence Chief Says Reductions Send a “Deeply Disappointing” Message to Those Who Sacrificed Their Lives and Health ...
News Somalia: Report: IS-Somalia becomes financial hub; leader could be top IS chief
The International Crisis Group says Islamic State in Somalia has become an important financial influence for terrorism, and a report suggests the leader of the branch might become the new overall head ...
