Having fulfilled major reform requirements, Mogadishu now stands to benefit from a $4.5 billion debt write-off organized through the International Monetary Fund and World Bank. Progress rewarded: Over the past 15 years, Somalia has worked to improve governance, fiscal discipline, and efforts to tackle poverty, which were conditions for debt relief. Federal troops aided by…
DetailsFile photo. Photo: 123rf Employers and Manufacturers Association (EMA) is seeing increasing demand from employers looking for advice on restructuring and redundancy, as they look to cut costs. EMA head of advocacy Alan McDonald said requests had been steadily rising through the year, with a sharp increase over the past four months. EMA head of…
DetailsLiquidators are looking for a new owner to take over a not-for-profit childcare centre on the University of WA campus after it entered voluntary administration last week. WA Insolvency Solutions were appointed voluntary administrators of the University Child Care Club operating as Unicare on December 7. The early childhood centre first opened in 1988 with…
DetailsDebt relief is just the beginning of real change for Somalia. The country has been suffocating under the huge weight of unsustainable debt for more than three decades. Between 2012 to February 2017, when I led the first internationally recognised government since the collapse of the state in 1991, we realised quickly that we had…
DetailsWASHINGTON, DC: The Executive Boards of the International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have approved[1] the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion.[2] Following HIPC Completion Point, Somalia’s external debt has fallen from 64…
DetailsOver the past half century, the world has witnessed significant changes, including a remarkable decline in global extreme poverty and global inequality. The World Bank Group has played a crucial role in this progress through its loans, grants, and guarantees to promote economic growth and development. One constant has remained amidst these changes: the annual…
DetailsThis section is Partnership Content supplied The content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by Business Wire Breadcrumb Trail Links PMN Press Releases Business Wire News Releases santec Leverages Rimini Consult to Comprehensively Restructure its…
DetailsSpike in Corporate Insolvencies in Austria: Retail, Construction, and Hospitality Sectors Hit Hard Austria is witnessing a significant rise in corporate insolvencies, with a 13% increase in insolvency filings in 2023 compared to the previous year, according to Austrian credit protection association KSV1870. This surge has led to 5,401 companies facing insolvency, averaging 15 company…
DetailsThis method can simplify your payments, potentially lower interest rates, and help you pay off debt faster. However, it requires careful planning and understanding. Here are essential tips for effective debt consolidation. Assess your financial situation Start by thoroughly assessing your current financial situation. List all your debts, including credit card balances, personal loans, and…
DetailsAnthony Romanello and Joseph Celso were found guilty of extortion-related charges by a federal jury in Brooklyn on Monday. The conviction, announced by United States Attorney Breon Peace and FBI Assistant Director-in-Charge James Smith, followed a one-week trial before United States District Judge Eric R. Komitee. Romanello, 86, of Franklin Square, New York, was convicted…
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