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The Transitional Federal Government was internationally recognized as the government of Somalia until August 2012, when it was replaced by the Federal Government of Somalia. It was established in 2004 as a successor to the now defunct Transitional National Government, and currently occupies Somalia's seat in the United Nations.
As part of the official "Roadmap for the End of Transition", a political process which provided clear benchmarks leading toward the establishment of permanent democratic institutions in Somalia by late August 2012, [10] Somali government officials met in the northeastern town of Garowe in February 2012 to discuss post-transition arrangements.
The Federal Government of Somalia was established on August 20, 2012, concurrent with the end of the TFG's interim mandate. [45] It represents the first permanent central government in the country since the start of the civil war. [45] The Federal Parliament of Somalia serves as the government's legislative branch. [46]
It was passed on June 23, 2012, after several days of deliberation between Somali federal and regional politicians. [3] To come into effect, the constitution must be ratified by the new parliament. [4] Under the new constitution, Somalia, now officially known as the Federal Republic of Somalia, is a federation. [5]
On 15 March 1978, a ceasefire was negotiated, bringing an end to the war. This shift in Soviet support prompted the Barre government to seek new allies, eventually turning to the United States, which had been courting Somalia for some time as a counter to Soviet influence.
Together, they formed the independent Somali Republic under a civilian government, the Somali National Assembly, headed by Haji Bashir Ismail Yusuf. [11] The administration lasted until 1969, when the Supreme Revolutionary Council led by Mohamed Siad Barre, seized power in a bloodless coup and renamed the country the Somali Democratic Republic.
Further decreases in trade of manufactured products led to layoffs and reduced corporate profits, weakening the economy. General consensus among economists is that the Smoot-Hawley Act did not cause the Depression, but did worsen it and stunted recovery efforts after 1933. Exports declined from $5.2 billion in 1929 to just $1.7 billion in 1933.
The Great Depression did not strongly affect Japan. The Japanese economy shrank by 8% during 1929–31. Japan's Finance Minister Takahashi Korekiyo was the first to implement what have come to be identified as Keynesian economic policies: first, by large fiscal stimulus involving deficit spending; and second, by devaluing the currency ...