Aid Cuts Hit Somalia’s Economy

Somalia’s economy and tax revenues have declined following the closure of the U.S. Agency for International Development (USAID), according to Somali Development and Reconstruction Bank president Hodan Osman. Speaking at the Financial Times Africa Summit in London, Osman said the aid cut severely affected GDP, sales tax revenues, and overall economic activity. USAID had supported Somalia’s health, education, and development sectors before being shuttered earlier this year.