How will Somalia afford infrastructure projects on its own?

[Inactive]

There is no will from the governments to tax their people. Whatever fees that are collected from the airport and ports and checkpoints are mostly not accounted for and go missing.

Whatever foreign governments do us for us not much to develop the country but I thank them for that. But we should be doing it on our own with a real infrastructure program.

I don't think we are even eligible for IMF loans since previous ones have not been paid back.

Or should we just have neighborhoods pay for the construction of their own roads?

I don't think collecting taxes from people who make $100 a month from either income or remittances would go very far

How would you go about creating infrastructure in Somalia? What would you do?

Even wealthy countries take loans to build infrastructure. Do we have any other option?

 

[abdale]

If we loan money we will be slaves to the Bankers and if we did loan the money will disappear because of corruption.

 

[Geeljire]

The capital to invest in development and infrastructure is there, $1.3B sent each year, combine that with recent trend of diaspora Somalis returning to invest
Add on top of that the $884M in World Bank-estimated foreign direct investment since 2005.

Issue here isn't lack of capital. There's plenty of each to go around in Somalia.
The issue is one of systemic corruption, focus on personal enrichment & lack of transparency stifling development of Somalia

I am sure some of you have heard of the famous resignation of the Central Bank director. That is just the tip of the iceberg.

 

[Neo-Nidar]

We need Socialism to solve this problem

 

[Nabeel786]

Loan is Haram. You have to sweat for your success. Somalia can only build iska wax uqabso

 

[abdale]

Somalia are already in Debt

 

[McD30]

Only with IMF/World Bank grants can Somalia afford infrastructure projects but Somalia is unable to pay back 200 million it has borrowed recently so no way in hell will they get money for projects. Our only option is to sell our resources at a cheap price because it will give investors enough incentive to overlook the security issue.

 

[Geeljire]

. Our only option is to sell our resources at a cheap price because it will give investors enough incentive to overlook the security issue.

I dont think that is wise at all. I think we should focus on security and building proper institutions first before we make hasty decisions that might prove to be regrettable. The point is not to make foreigners richer and us poorer by selling our resources cheap i dont think that is development at all.

]Only with IMF/World Bank grants can Somalia afford infrastructure projects but Somalia is unable to pay back 200 million it has borrowed recently so no way in hell will they get money for projects

Just stop & think, Where is all this money going? Loan and the investment money? Not in to our development.
We borrow money, we make money , we get investments? Alot of money, but where is it?
This is money that could go into building infrastructure,business, education,institutions etc

Unless we deal with reality of Somalia being corrupt as hell, there will never be any real meaningful development taking place.

 

[Ali Dheere]

IMF are conmen.

It is a ponzi scheme to keep the West on top and suppress the rest.

 

[paragon]

I thought foreign exploitation facilitated government corruption and vice versa. It's two-way. You can't have one without the other. Look at many African nations. Foreign firms/companies get the lions share while brain dead African politicians are happy about what crumbs they get tossed. You better believe a couple hundred million or billion payout for them and their cronies is nothing when foreigners run away with ten times as much if not more and a boat load of resources where little if anything goes back to the locals. Another issue is the amount Africa loses in illicit capital flow is higher than the development aid money that is given.

 

[McD30]

I dont think that is wise at all. I think we should focus on security and building proper institutions first before we make hasty decisions that might prove to be regrettable. The point is not to make foreigners richer and us poorer by selling our resources cheap i dont think that is development at all.



Just stop & think, Where is all this money going? Loan and the investment money? Not in to our development.
We borrow money, we make money , we get investments? Alot of money, but where is it?
This is money that could go into building infrastructure,business, education,institutions etc

Unless we deal with reality of Somalia being corrupt as hell, there will never be any real meaningful development taking place.

We have no money. We have no investments. We borrow a few hundred million we can't pay back. If we are going to loan at all, we might as well create infrastructure with ROI.

 

[Geeljire]

We have no money. We have no investments. We borrow a few hundred million we can't pay back. If we are going to loan at all, we might as well create infrastructure with ROI.

We have money and we do have investments

. Loans are payd off with careful budget planning and utilizing the money we do have in a sufficient manner. Something that doesn't happen because we squander everything.

The point is any money we get in any regard wether it is loan,investments or anything will not go into Somalias development because of corruption.

That is the point i was making.

 

[Caddey]

We have the natural resources to make large amount of capital. The problem is corruption. Tackling corruption in Somalia is gonna be very hard and not easy. On top of that we need to register the people in our country, create social security numbers. We need taxes. There are people in Somalia who make large amounts of money from farming, livestock and other areas and we need to tax them.

 

[Caddey]

Oh I also think the government should take control of certain areas. Such as our export from farming and fishing. Once the land is stable again they can sell back the land to Somali investors.