Biggest qarxis: Somaliland administration on the verge of financial collapse

Discussion in 'Somali Politics' started by Bohol, Jul 7, 2017.

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  1. Bohol

    Bohol Staff Member Moderator

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    Hargeisa faces unprecedented financial crunch

    07/07/2017

    President Silanyo is nearing the end of his term amid an economic crisis.


    According to our sources, it's increasingly unlikely the presidential election will be held on Nov. 13 as announced on June 10 by Abdukadir Iman Warsame, chairman of the National Electoral Commission (NEC) A campaign to distribute election cards has fallen behind time and Somaliland is still lacking the $5 million it needs to stage the ballot.


    The United Nations and European Union having suspended their pledge to pay 75% of the $9 million required for the election, the government of president Ahmed Mohamed Mahamoud Aka Silanyo has only managed to scrape up $4 million (in two installments) for the NEC.

    A delegation from Somaliland headed by Musa Bihi Abdi , who's both the leader of the ruling Kulmiye party
    in Hargeisa and its candidate in the coming election, is due to fly to Riyadh and Dubai to appeal for financial assistance in return for Somaliland's backing for the two countries in the Qatar crisis (ION 1453).


    Indeed, information gleaned by the Indian Ocean Newsletter indicates that the coffers of the Bank of Somaliland
    are empty. The country is facing a grave economic crisis twinned with a financial crunch. An embargo on Somaliland cattle imposed by Saudi Arabia has vastly reduced inputs of hard currency (ION 1444) but the situation has been worsened by the re-routing of taxes that Hargeisa should pick up from operations in the port of Berbera, which is mainly managed by the private UAE operator DP World (ION 1451). According to our sources, DP World indeed opened an account at Dahabshiil, , an international funds transfer agency, in Hargeisa. But Dahabshiil is said to have transferred the money to DP World's accounts in the UAE. As a result, DP World doesn't declare losses in Berbera but doesn't pay taxes on its operations in Somaliland, either. To make matters worse, Somaliland's shilling has plunged against the dollar at a moment when the country depends more than ever on imports.


    https://www.africaintelligence.com/...-unprecedented-financial-crunch,108253338-ART
     
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  2. Bohol

    Bohol Staff Member Moderator

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    upload_2017-7-7_14-31-37.png


    upload_2017-7-7_14-32-30.png
     
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  3. leeroy jenkins

    leeroy jenkins

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  4. Bohol

    Bohol Staff Member Moderator

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    They are just kids that don't know the reality.
     
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  5. Bohol

    Bohol Staff Member Moderator

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    Some of the facts mentioned


    1. The EU indeed refused to pay for 75% of the election costs as they promised before because they got fed up with 3 times delaying of elections

    2. Somaliland government is struggling to fulfill the costs of the elections

    3. Dahabshiil is corrupted so no surprises there so is DP WORLD

    4. Somaliland currency collapsed against the Dollar and inflation rate soared

    5. Saudi ban on livestock has greatly damaged Somaliland economy
     
    Last edited: Jul 7, 2017
  6. Inquisitive_

    Inquisitive_ VIP

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    The stage is being set for a violent armed revolution, for this to happen people need to be put in a position were death is more preferable then the status quo
     
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  7. fox

    fox |||||||||||||||||TRUTH|||||||||||||||||||| VIP

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    So Mr.ILoveSomalisAndIAmAMuslim is calling for the shed of muslim somali blood :bell:qabil stereotypes aren't baseless :mjlol:
     
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  8. Menelik III

    Menelik III

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    Somaliland should just adopt the Birr, it's much more stable and predictable than any East African currency. It's also gaining stregth with all the infrastructure projects occurring in Ethiopia. Djibouti will eventually be consumed or start making the birr co official
    , so why not Somaliland?
     
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  9. sosomali

    sosomali

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    Why didn't this election happen in 2015?
     
  10. Bohol

    Bohol Staff Member Moderator

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    Stupid greed and now it has costed Somaliland in losing many friends in the international stage (EU, UN etc).
     
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  11. sosomali

    sosomali

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    :snoop: Don't know what to say tbh. Shame on them and the people who are letting them get away with it.
     
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  12. Bohol

    Bohol Staff Member Moderator

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    End of the day it hurted the admin itself badly. Somali politicians are not long-term thinkers and don't think of the consequences of their actions.
     
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  13. Bohol

    Bohol Staff Member Moderator

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    "An embargo on Somaliland cattle imposed by Saudi Arabia has vastly reduced inputs of hard currency (ION 1444)"
     
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  14. Rooble

    Rooble Suldaanka Gobyare

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    Probably the most dumbest Somaliland administration .
     
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  15. Gamas

    Gamas Guest

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    How the hell does it cost 5 million to count votes.

    Anyhoo, The EU and UN pulling out might be due to the cheese president trying to solidify the nation or might not.
     
  16. Bohol

    Bohol Staff Member Moderator

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    It is a big process. Nah the fallout happened long before even Farmaajo became president, at that time HSM was the president.
     
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  17. El padrone

    El padrone Hedonist, Depressive realist, Existential nihilist

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    FAKE NEWS!


    Somaliland is already distrubiting voter cards. mjeex and togdheer will get their cards next week.
    theres no fund shortages. the election is due on nov and is guaranteed insha allah!
    unless force majeure delays further.
     
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  18. Bohol

    Bohol Staff Member Moderator

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    Under Riyaale's UDUB Somaliland was known in the international stage as "the beacon of hope" now it is a joke to be honest.
     
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  19. TheAnswer

    TheAnswer

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    A few years ago, reer porcupine were insisting that ****anyo had an economics PhD and would turn Somaliland into Singapore within two years.Now I doubt Somaliland can even pay the old fool's hospital bills.
     
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  20. Hilaac

    Hilaac

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    It was delayed due to the drought.
     
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