Miskiin-Macruuf-Aqiyaar

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DEBT RELIEF TO SOMALIA

The representatives of the Paris Club creditor countries agreed on 31 March 2020 with the Government of the Federal Republic of Somalia to restructure its external public debt. This was the first ever “virtual” negotiating meeting of the Paris Club. The Paris Club congratulates Somalia for having reached its Decision Point under the enhanced initiative for the Heavily Indebted Poor Countries (enhanced HIPC Initiative) in March 2020.

This agreement was concluded under the so called “Cologne terms” designed by the Paris Club to provide interim debt relief as part of the HIPC Initiative. This leads to the immediate non-ODA debt cancellation of US$ 1.4 billion in debt owed by Somalia to Paris Club creditors.

Somalia is expected to reach its HIPC Completion Point by 31st March 2023 or earlier and receive the remainder of the debt reduction envisioned under the enhanced HIPC Initiative already endorsed by the international community in 1999. On an exceptional basis, considering Somalia’s very limited capacity of payment, and provided that it continues to implement satisfactorily an IMF supported program, no payments are expected from Somalia until at least 31st March 2024.

Several creditors intend on a bilateral basis to grant additional debt relief to Somalia beyond the terms set today in the Paris Club agreement.

Somalia is committed to devote the resources that otherwise would have gone to Paris Club creditors to priority investments, as identified in its ninth National Development Plan (NDP-9). Somalia is also committed to seek comparable debt relief from non-Paris Club creditors.

Representatives from Kuwait Fund for Development, Saudi Fund for Development and the Abu Dhabi Fund for Development also attended the meeting as observers. They expressed their support to the terms of the agreement between the Paris Club and the Government of Somalia and indicated their willingness to provide to Somalia comparable terms under the framework of Enhanced HIPC Initiative and in accordance with terms and conditions adopted by their respective Boards of Directors.

The representatives of the Paris Club members expressed their commitment to implement the final component of debt relief contemplated under the enhanced HIPC Initiative as soon as Somalia meets the conditions to reach the Completion. The IMF and the World Bank currently estimate that those creditors will then have delivered total debt relief of approximately US$ 1.7 billion (in net present value terms). This amount does not include additional efforts that Paris Club members intend to provide at completion point.

Technical notes

1. Somalia’s economic program is supported by a three year arrangement under the Poverty Reduction and Growth Facility and an Extended Fund Facility, both approved by the Board of the International Monetary Fund on 24 March 2020. Somalia reached the decision point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative in March 2020.

2. The stock of debt owed to Paris Club creditors and to participating non-Paris Club creditors as of 31st October 2019 was estimated to be more than US$ 3.0 billion in nominal terms, of which more than 99% consisted of arrears and late interest.

3. The cut-off date (1st October 1984 for Somalia) is defined when a debtor country first meets with Paris Club creditors. It is not changed in subsequent Paris Club treatments. In accordance with Paris Club rules, credits granted after this cut-off date are not subject to rescheduling or cancellation. In this case, on an exceptional basis, all these amounts were deferred until after 2024. The cut-off date is designed to protect credits granted by Paris Club creditors after this date. It therefore helps restore access to credit for debtor countries after a Paris Club treatment.

4. This agreement consolidates around US$ 2.7 billion, most of which is composed of arrears and late interests. It cancels a total of US$ 1.4 billion and reschedules around US$ 1.3 billion. These rescheduled amounts will be addressed for debt relief when Somalia reaches Completion Point.

5. On an exceptional basis, creditors have also agreed to defer until after 2024 the repayment of arrears accumulated by Somalia on short term and post cut-off date debts, the maturities falling due during the consolidation period under the post cut-off date debts as well as all moratorium interest due during the consolidation period on the rescheduled and deferred amounts.

Xigasho

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Somalia Trademarks Office resumes operations after almost 30 years

The Somalia Trademarks Office resumed its operations at the end of 2019, when Ministerial Decree 1/2019 was issued by the Ministry of Commerce and Industry, stipulating that trademark registrations are once again possible in this former Italian colony and British Protectorate.

Background

Following the overthrow of President Siad Barre in 1991, Somalia entered into civil war and the northwestern region declared its independence, becoming the Republic of Somaliland. In the following years several attempts to restore a central government in Somalia failed, with powers shifting from local administrations to warlords and business and religious leaders. In 2006 the Transitional Federal Government gained control of zones that had been in the hands of the Islamic Courts Union. Only in 2012 was there sufficient stability to establish democratic institutions. In August 2019 a provisional constitution was passed and the Federal Government of Somalia was constituted. Since then the country has been trying to re-establish several institutions, which culminated, with regard to IP rights, in the decree that resumed operations at the Trademarks Office in late 2019.

The previous trademark situation

Trademark registrations did not exist in Somalia for 28 years. In more recent years a solution for protecting trademarks was adopted in the form of cautionary notices. These were advertisements in a local newspaper, preferably a leading one, in which a specific entity described an IP asset and claimed ownership of it. The aim was to acquire sufficient public recognition of ownership. This is a standard proceeding in many jurisdictions where IP rights are not provided by law or specific means to acquire such rights are not determined.

The new trademark situation

Thanks to the decree it is now possible to file trademark applications at the Trademarks Office, which was established under the Ministry of Commerce and Industry. However, the decree does not provide much more detail than the fees for trademark registration ($1,000) – it appears that the Trademarks and Patents Law (1975) still governs this area. While trademarks registered before 1990 appear to no longer be valid, previous registrations may be taken into account by courts in some cases. Because the 1975 law is being followed, the Trademarks Office is classifying applications using the old Italian system of 49 classes. Only single-class applications are being accepted. One of the major concerns is that applications are not being published in a trademark gazette and, consequently, there are no opposition proceedings. It is understood that the office is conducting examinations on absolute and relative grounds before granting applications. It also appears that proceedings are fast, with registration certificates being issued within one month. Registration is then valid for 10 years after the filing date.

While it may be true that Somalia is still to approve much-needed trademark laws, the decree is an important first step in establishing a functioning IP system in a country that has many more important problems to solve.

Xigasho

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cadnaan1   
4 hours ago, maakhiri1 said:

Great news, Caydh dawlada bixiso, war fiican 

Dowlada awood shaqaale ay ceydh Ku bixiso ma hayso ee who is funding this project inay run ka sheegto fiican.

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2 hours ago, cadnaan1 said:

Dowlada awood shaqaale ay ceydh Ku bixiso ma hayso ee who is funding this project inay run ka sheegto fiican.

Masaakiin lacagta la siinaayo meel laga keenay Suaal maaha maskaxdooda ku jirta.

We should all be grateful and proud of our government 

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6 hours ago, cadnaan1 said:

Dowlada awood shaqaale ay ceydh Ku bixiso ma hayso ee who is funding this project inay run ka sheegto fiican.

Cadnaan, mucaaradnimada jooji waa ogtahay daqliga dowladda dhexe soo galo inay boqolaal milyan ku soo kordheen sanadihii u dambeeye.

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cadnaan1   
6 hours ago, Miskiin-Macruuf-Aqiyaar said:

Cadnaan, mucaaradnimada jooji waa ogtahay daqliga dowladda dhexe soo galo inay boqolaal milyan ku soo kordheen sanadihii u dambeeye.

Sxb wax macquul ah ayaa loo baahan yahay

Dowlada haday hayso lacag extra ah meelo badan ayaa u baahan sida health care system keena is very low we only have 15 ICU beds and they are in the hands private hospitals and right now we need ventilator machines 

We need more police recruitment and more military and more teachers,

ayada intaas baahi jirto iyo shaqo la aan baahsana hayso dhalinyarada inay dowlada tiraahdo ceer ayaa bixinayaa waa socon waynayee aan roorno.

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Sizing up Somalia: a new offshore oil frontier in the making

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Somalia is one of the few remaining frontier oil and gas exploration territories and the Somalian federal government is promoting its advancement by launching its first ever offshore licensing round. We look at the latest developments.

Since the late 60s, civil unrest has prohibited the exploitation of Somalia’s offshore oil and gas resources. Now, however, after several years of relative peace, the government is making a bid to attract foreign investment to develop the country’s oil and gas riches.

In May, Somalia’s Ministry of Petroleum and Mineral Resources launched its first offshore licensing round, featuring up to seven blocks that can be bid for between August 2020 and March 2021.

According to seismic data processing company Spectrum, which acquired approximately 20,000 km of long-offset 2D seismic data offshore Somalia in 2015, there are strong indications of widespread distribution of good quality source rocks. Meanwhile, another subsurface data company, TGS, estimates un-risked resources for the Somali Basin could be around 30 billion barrels of oil. TGS has acquired more than 40,000 kilometres of 2D data, which covers the seven blocks on offer,

Overall, the country, located in the Horn of Africa and bordered by Kenya and Ethiopia and close to Yemen, is a promising new frontier for oil exploration; it is not without its risks and challenges though.
 
New activity

Oil and gas exploration started in Somalia in the 1950/60s, with a total of 70 wells drilled, 80% of which were onshore. Many major companies, including ExxonMobil, BP, Texaco, and Shell, were active in the region at the time. In the 60s, before civil unrest stifled the sector, five discoveries were made but all were considered sub-commercial. 

Continue to read

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Tallaabo   
2 hours ago, Timacaddeh said:

you left out the key quote

"“The Republic of Somaliland never took part in any of the discussions leading to the ratification of the law. The Puntland and Jubbaland states also rejected the new law and withdrew from the licensing process. All of this raises questions on the stability and the eventual validity of the Petroleum Law,” says Prasad."

Waar maxaad ninka u qarxisay. Maad Miskiinka iska daysid ha iska jiboodee😁

  • Haha - That was funny. You made me laugh! 1

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On 7/7/2020 at 1:34 PM, Tallaabo said:

Waar maxaad ninka u qarxisay. Maad Miskiinka iska daysid ha iska jiboodee😁

Horta dhooriyaashiina sidii habraha iyo dhoocilaha camal maxaa sidii circle jerk isku daba camirtiin. Waxaas ragga laguma yaqaano. Such a shameness kalsooni la'aan idinka keeneyso. And no body left out anything. It was right there on the link 'continue to read.'

I don't respond to the other wretched sockpuppet secessionist magacyo kale ku qaraabanaayo.

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