African countries have made “significant” progress in reaffirming their commitments and building their capacity to achieve tax transparency.
This is the main conclusion of the recent report on “Tax Transparency in Africa” of the Africa Initiative, which shows that the five African countries committed to fighting these phenomena have recorded almost $12 million in additional revenue, and eight countries on the continent have collected $189 million in additional revenue between 2014 and 2019”.
Somali economy weakened by COVID-19
Hundreds of companies dangerously impacted by Covid-19 are on the verge of bankruptcy.
The Somali economy is being hit hard by the coronavirus pandemic that is affecting the entire world. From SMEs to large companies, everything is affected, and even the fast-growing aviation sector is all in the red.
However, the country can rely on the cancellation of part of its debt and the approval of several IMF economic programmes to boost its economy.