Real Estate in Somalia is Something to Watch Out For

The Al Shabab militants in Somalia have, for a long time, been a significant threat to the country’s development. The East African country is finally putting itself together after years of fighting against the terror group. The African Union Mission in Somalia (AMISOM) says that there has been a boom in Somalia’s real estate, especially in the capital Mogadishu, leading to its development.

There has also been an increased improvement in the state of road infrastructure in Mogadishu. Somalia received the US $9 million from the United Nations Office for Project Services to boost municipal infrastructure. According to a statement by the UN Assistance Mission in Somalia, the project has led to the successful construction of 7.5 kilometers of road in Mogadishu and another 4.9 kilometers in Garowe. This has increased access and improved the economic activities in those regions.

There are several ongoing constructions of various facilities in Mogadishu to add on to the already existing ones. Besides improved road infrastructure, Mogadishu now has better places of worship, such as a modern mosque, among other amenities such as a shopping mall. The city also has a safe public beach. All these have improved the economy of the country, and the social lives of the Somalian residents.

The International Monetary Fund (IMF) has announced its readiness to assist Somalia in accessing some debt relief and secure financial resources. This will be a major step towards the reconstruction of the country. An analysis of Somalia by IMF shows that the country is in ‘debt distress’. The country has an external debt summing up to $4.7 billion, which is equivalent to its entire Gross Domestic Product (GDP).

There is also no way to repay the debt, especially because 96 percent of it is already in arrears. This means that even if the East African nation does not borrow any other amount, its debt burden will continue to grow, according to Foreign Policy. The IMF is, therefore, helping Somalia to clear its arrears while also asking countries owed by Somalia to forgive the debts.

Related: Sexism on the Battlefield: The Story of Iman Elman, Somalia’s Youngest Female Commander

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