HEADLINES:

IMF to help Somalia print first banknotes in a quarter century

0
Wednesday March 01, 2017 - 03:04:25 in Articles by Super Admin
  • Visits: 1386
  • (Rating 0.0/5 Stars) Total Votes: 0
  • 0 0
  • Share via Social Media

    IMF to help Somalia print first banknotes in a quarter century

    [NAIROBI] The International Monetary Fund is backing Somalia's plans to replace tattered currency notes that were printed before the Horn of Africa nation plunged into civil war almost three decades ago.

    Share on Twitter Share on facebook Share on Digg Share on Stumbleupon Share on Delicious Share on Google Plus

The International Monetary Fund is backing Somalia's plans to replace tattered currency notes that were printed before the Horn of Africa nation plunged into civil war almost three decades ago. PHOTO: AFP
[NAIROBI] The International Monetary Fund is backing Somalia's plans to replace tattered currency notes that were printed before the Horn of Africa nation plunged into civil war almost three decades ago.

The new Somali shilling notes may come into circulation this year, alongside the US dollar that's been the main means of payment, and will replace fake or old currency in circulation, said Samba Thiam, the IMF's country head.

"About 98 per cent of the currency circulating in the country is fake," Mr Thiam said in an interview Friday in Nairobi, the capital of neighboring Kenya. "The remaining 2 per cent is currency printed during 1990-91, still circulating, but in very bad shape."

Somalia's descent into anarchy began with the ouster of dictator Mohamed Siad Barre in 1991. A subsequent Islamist insurgency has hastened the destruction of its political and economic institutions, slashing annual per capita income to US$435 and making Somalia the world's fifth-poorest country, according to the World Bank.Printing of the new notes, which will initially be in small denominations, is aimed at restoring the Central Bank of Somalia's powers to set monetary policy, he said. While the institution doesn't have the money to finance the plan, donors will back the reforms and financing will be agreed on once the government decides whether it wants a floating- or fixed-rate currency regime.

 

 

While Somalia qualifies for debt cancellation, it would have to clear arrears that are part of US$5.3 billion owed to international creditors such as the IMF, World Bank and African Development Bank to secure fresh funding, Mr Thiam said. Writing off Somalia's loans depends on progress toward curbing corruption, introducing a new currency and an effective monetary policy in the US$6 billion economy.

"There are hurdles," Mr Thiam said. "But there is a general willingness from creditors to write off Somalia's debt when the time comes, it's a good prospect. They will not be asked to repay the debt tomorrow, so they have time to work on consolidating their economic base. The debt is an issue that will be resolved some time." Economic growth may slow to 2.5 per cent in 2017 from 3.7 per cent last year, the IMF estimates. Agriculture accounts for 40 per cent of national output in the country whose main export is camels to Gulf Arab countries.

The IMF is also assisting the central bank with regulation and supervision of the financial sector to open it to new investors, Thiam said. KCB Group Ltd and Commercial Bank of Africa Ltd, neighbouring Kenya's first and sixth-largest banks by assets, are among lenders that have applied to set up shop. Somalia has six banks and 12 money-transfer businesses.

Somalis living abroad have buoyed the economy with remittances of as much as US$2.3 billion a year, Mr Thiam said. "We pretty much think the amount that could be going unnoticed, undeclared must be much bigger." President Mohamed Abdullahi, elected into office this month, must make good on his word to fight graft, Mr Thiam said. Somalia is the world's most corrupt nation, according to Berlin-based Transparency International.

Improving governance may enable the nation to exploit potentially "quite large" oil and gas reserves, Mr Thiam said. The government has said production could begin as early as 2020 after exploration by companies such as Royal Dutch Shell Plc, Exxon Mobil Corp and BP Plc showed probable offshore hydrocarbon deposits. The state has held talks with those companies about reactivating dormant contracts.

BLOOMBERG

Share on Social Media

Somalia:beggar Minister and Con Artist MP

Is Minister Yariisow a government official or a beggar ? Full Article

 

Topnews:- Baarlamaanka Somalia oo maanta shaqadda ka eryi doona Wasiir Xoosh kadib markii ?

Waagacusub.net - Wasiirka Dastuurka Federalka Somalia Abuukaate Cabdi Xoosh ayaa shalay ka dhoofay Muqdisho isagoo diiday inuu hortago baarlamaanka Somalia oo su'aalo rabay iney weeydiiyaan. Full Article

 

Somalia: Government's PR Strategy Mocked As Hashtag Igu Sawir Goes Viral

Waagacusub.net - Hip Hop Artiste IlKacase Song "Igu Sawir" Goes Viral As Somalia Govt is Mocked Over Photo PR Stunts. Full Article

 

Somalia: The diplomat with no diplomatic immunity

Under the international law, the diplomatic passport holders are granted all immunity and privilege guaranteed under diplomatic status, making it easier for them to carry out their duties without restrictions. Full Article

 

TOPNEWS:- TURKEY IYO EMIRATE OO SOMALIA KU HARDAMAYA! "Dawladda Somalia oo saaxiib iyo cadaw kala aqoon"

Waagacusub.net - Dawladda Turkey iyo UAE ayaa ku hardamaya Somalia, dalkaa oo ay kajirto dawlad tabar daran, oo ay hogaanka u hayaan masuuliyiin aan kala saari karin saaxiib iyo cadaw. Full Article

 

Somalia Media law: NUSOJ condemns chilling effect on media freedom

The National Union of Somali Journalists (NUSOJ) today expressed grave concerns over hastily prepared revised media law as it is creating a chilling effect and undermining media freedom and journalists' rights. Full Article

 

Sirculus:Xubnaha Urur Diimeedyadda ee ku milmay Dawladda Somalia?

Waagacusub.net - Dawladda Somalia oo uu hogaanka u hayo Madaxwayne Maxamed Cabdulaahi Farmaajo oo aan ka mid ahayn Urur Diimeedyadda ka jira Somalia ayaa markii ugu horaysay waxaa la dareemayaa in Xafiisyadda Maamulka ay awood ku yeelanayaan Xubno ka socda Urur Diimeedyadda Somalia. Full Article

 

Breaking News: 17 reported dead in Somalia restaurant attack another hostages held

Gunmen posing as military forces held an unknown number of hostages inside a popular restaurant in Somalia's capital in an attack that left 14 people dead and began when a car bomb exploded, police and a witness said Wednesday night. Full Article

 

Topnews:- Dowladda Somalia oo Qatar la safatay iyo sababta ?

Madaxweynaha iyo Ra'isulwasaaraha Somalia ayaa markii ugu horeeysay si wadajira ula saftay Dowladda Qatar sida ay Waagacusub u sheegeen saraakiil ka hoowlgasha Villa Somalia iyo laba ka mida la taliyeyaasha Farmaajo. Full Article

 

Wardegdega Daawo Farmaajo iyo Afhayeenka Al-Shabaab oo kullan qarsoodiya ku yeeshay Villa Somalia

Saraakiil ka tirsan Sirdoonka Madaxtooyadda Somalia ayaa Waagacusub u xaqiijiyay inuu xalay kulan qarsoodiya dhexmaray Madaxweyne Farmaajo iyo Afhayeenka Al-Shabaab. Full Article

 


Leave a comment

  Tip

  Tip

  Tip

  Tip

  Tip


Somalia:beggar Minister and Con Artist MP

Is Minister Yariisow a government official or a beggar ?

Somalia: Government's PR Strategy Mocked As Hashtag Igu Sawir Goes Viral

Waagacusub.net - Hip Hop Artiste IlKacase Song "Igu Sawir" Goes Viral As Somalia Govt is Mocked Over Photo PR Stunts.

Child Rights Training for Journalists concluded in Mogadishu

The National Union of Somali Journalists supported by UNICEF have successfully concluded a three day training on child rights in Mogadishu on Monday.

Somalia: The diplomat with no diplomatic immunity

Under the international law, the diplomatic passport holders are granted all immunity and privilege guaranteed under diplomatic status, making it easier for them to carry out their duties without restrictions.

Breaking News: 17 reported dead in Somalia restaurant attack another hostages held

Gunmen posing as military forces held an unknown number of hostages inside a popular restaurant in Somalia's capital in an attack that left 14 people dead and began when a car bomb exploded, police and a witness said Wednesday night.

Topnews:- Dowladda Farmaajo oo shaqaaleysiineysa Laba kun qof oo ka soo jeeda Puntland iyo Jubaland.

Waagacusub.net - Dowladda Federaalka Somalia ayaa qorsheysay in 2,000 (Laba kun) qofood oo u dhashay beelo cayiman lagu kordhiyo shaqaalaha Dowladda Federaalka iyo maamulka Gobolka Banaadir. Full Article

 

Somalia:beggar Minister and Con Artist MP

Is Minister Yariisow a government official or a beggar ? Full Article

 

Topnews:- Daawo Dowladda Farmaajo oo sharuudaha shaqo bixinta ku dartay qofka qabiilkiisa ?

Waagacusub.net Wasaaradda Haweenka iyo Arrimaha Xaquuqul Insaanka Dowladda Farmaajo ayaa boggeeda Internet-ka ku soo xayeysiisay jagooyin ka bannaan Guddiga Madaxa Banaan ee Xuquul Insaanka iyo sharuudaha qofka shaqa doonka ee soo codsanaya jagooyinkaas ku dartay qabiilkiisa iyo jufadiisa hoose . Full Article

 

XOG: Xildhibaano Odayaal Waxgarad Ku heyb ah RW Khayre oo Qorshe ka dhan Muqdisho ka wada?

Mudaneyaal ka kala tirsan Baarlamanka Fedaraalka Somalia Iyo Maamulka Galmudug Kuna heyb ah ra'isal wasaare Xasan Cali Khayre ayaa Magaalada Muqdisho ka bilaabay Olole logu mucaaradayo Xukumadiisa. Full Article

 

Topnews:- Farmaajo oo Ciidanka Uganda fasaxay Amnigana ku wareejiyay Ethiopia .

Madaxweyne Farmaajo ayaa u sheegay Dowladda Uganda iney Ciidankooda jooga Somalia iska bixi karaan xilli kasta kadib markii uu Dowladda Ethiopia ka helay 50.000 oo ka tirsan Ciidanka Melleteriga dalkaas kuwaas oo caawa gaaray degaanka Leego ee gobolka Shabeeladda hoose ,sida ay Waagacusub u xaqiijiyeen Saraakiil ka tirsan Ciidanka Amisom iyo maamulka Shabeeladda hoose. Full Article

 

Ethiopian professor writes about Ethiopia's policy of destabilizing Somalia

Ethiopian foreign policy and the Ogaden War: the shift from "containment" to "destabilization," 1977–1991 Full Article

 

Ethiopian military and political backing for sale by a corrupt officer called Gabre Part 1

The most Ethiopian corrupt military officer who is called Haile Gabre known by Somalis as General Gabre becoming extremely wealthy from the huge sums of money that he is getting from opportunistic Somali politicians who want to buy the sympathy of Addis Ababa, one of his juniors told Waagacusub anonymously. Full Article

 

Suspected Shabab Security officer elected by Somali senate.

Sunatimes.com - The vast majority of the Somali people were dismayed by the selection of Abshir Mohamed Bukhari who is well known for his radical views and unlimited support for the terrorist group Al-Shabab, a Somali based terror group that have links to Al-Qaeda and newly founded ISIS. Full Article

 

As ISIS Struggles for Influence in Somalia, al-Shabab Remains the Main Threat

The so-called Islamic State received some modest good news recently from Somalia, in what has otherwise been a dismal stretch of losses for the jihadi group. In October Full Article

 

Amid dwindling donor support, one million displaced Somali refugees grow hopeless, UN agency warns

UNHCR Special Envoy Mohamed Abdi Affey (second, right) listens to a Somali refugee in Dadaab, Kenya, who has opted to return home under a voluntary repatriation programme. Photo: UNHCR/Modesta Ndubi Full Article