USAID cuts had ‘severe impact’ on Somalia’s economy, says development bank chief

USAID cuts had ‘severe impact’ on Somalia’s economy, says development bank chief

LONDON (Reuters) -The closure of the U.S. Agency for International Development earlier this year hit Somalia’s economy and tax revenues, the head of the country’s development bank said on Tuesday. “In Somalia (it) really impacted our GDP,” Hodan Osman, president of the Somali Development and Reconstruction Bank told the Financial Times Africa Summit in London on Tuesday. She said aid cuts reverberated in the economy in ways authorities didn’t ex…