Somalia’s President Mohamed Abdullahi Mohamed has urged foreign banks to relieve restrictions on the country’s fiscal institutions to assist it restore its economy.
He said fiscal institutions in the nation are having a hard to access their external counterparts owing to blockades set by the global community, in spite of the steps the nation has made in guaranteeing stability.
President Abdullahi, while giving the opening speech during the London Somalia Conference 2017 on Thursday, said his government will take considerable strides to unfasten the nation’s latent, which will be done by do away with hurdles that dishearten investment, and encourage small and middle enterprises.
“When it comes to economic development, the utmost asset we have is the entrepreneurial spirit of my people.”The money transfer businesses, which send a joint sum of approximately $2 billion (Sh412bn) a year to Somalia, are struggling to access banks here in the United Kingdom and in the United States of America owing to the harsh limitations placed on them,” he explained.
In addition, he applauded the pliability of his people for persevering with tough times such as drought and war, among others, and money transfer agencies such as Dahabshiil – which runs in Europe, America and in the Middle East – that makes it possible for diaspora citizens to send money to their families back home.
Therefore, he asked the global community to make it possible to rebuild the economy of the nation by easing access to fiscal institutions.
“Time has come to aid access for our fiscal institutions to work with your banks. “A continuance of the present policy will certainly deprive vital access for our banks, and, as a effect, will limit employment opportunities in the fiscal sector,” he said at the forum attended by British Prime Minister Theresa May, UN Secretary General António Guterres, AU chairman Moussa Faki Mahamat and other leaders.
He said his vision hinges on building fundamental state institutions, promoting security and championing reforms.