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World Bank Donates $64m to Somali Region Drought Response


World Bank Donates $64m to Somali Region Drought Response

The World Bank has approved a fund of 64.3 million dollars to bolster humanitarian response efforts for the victims of drought in the Somali Regional State. Its officials announced the decision last week while on a field visit to the region's World Bank supported projects. In attendance were the Bank's country director Ousmane Dione, officials from the Ministry of Finance, and Mustafe Omer, president of the regional state. The Somali and Oromia regional states are in the grip of a devastating drought with 10 and eight zones in each region, respectively, seeing residents displaced and recording the deaths of millions of cattle. By the beginning of this month, over 1.4 million heads of cattle had died in the Somali region alone. Humanitarian organisations estimate that around seven million livelihoods in the regions are affected by what the UN called the worst drought the country has experienced in four decades. Millions are suffering in neighbouring Somalia and Kenya as well.

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Radar

Creditors Open Way for Ethiopia's Eurobond Restructuring

Ethiopia has cleared a key hurdle in restructuring its one billion dollar Eurobond after the Official Creditor Committee (OCC) approved the latest agreement with private bondholders. The OCC said the deal meets its “comparability of treatment” principle, allowing the government to proceed with restructuring the bond, which matured in 2024. The approval follows renewed negotiations after official creditors rejected an earlier agreement reached in January. Under the new agreement, reache...


Radar

University Cutoff Leaves Most Exam Takers Behind

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Radar

Dairy Drive Turns to Farmers to Cut Import Reliance

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