Another amended clause @AbdirizakOm confirmed is the ownership transfer of oil/gas platforms once production has been exhausted. Ownership was to be retained by Coastline Exploration in the original PSA. The minister presented this buoyantly to @HarunMaruf, but it's a disastrous!
Everyone is free to analyse this technically in their own time, but let me direct your attention to the main issue in couple of steps:
First, equipment for these rigs are paid for through cost recovery formula stipulated in the contract and deducted from revenues before profits.
Apr 4, 2020 • 26 tweets • 11 min read
Several people asked me questions about the maze of debt relief. I was waiting for the outcome of Paris Club creditors meeting which took place 2 days ago. So, here’s my take on the entertaining subject of Heavily Indebted Poor Countries (HIPC) Initiative: Somalia edition
THREAD
IMF stated in its press release on March 25th, 2020 (no 20/104):
“Somalia’s external debt burden is expected to fall from about US$5.2 billion... in NPV terms as of end-2018 to US$557 million... once the Completion Point is reached”
Finally found time to follow-up the important points raised by our brother @Abukar_Arman
There’re several considerations which, in no particular order, include following;
-so-called arrears of the 3 multilaterals transitioned thus far represent only a 5th of total debt
*THREAD
-important to remember HIPC doesn’t ever achieves full debt relief as non-Paris Club participation now stands at 51%
-even the total amounts committed by Paris Club creditors for debt relief from its inception stands at $21.8b (shared across qualifying 36 countries)!
Oct 25, 2019 • 10 tweets • 3 min read
Het there mr ‘deputy minister of petroleum and mineral resources’
Since you’re kind enough to voluntarily dispatch such details, may we request disclosure of information which serves public interest instead of just superficial publicity stunts?
