The dangers of debt relief

[bluebird]

I don't know whats up with people acting like anything the IMF and World bank do would ever be the benefit of poor countries. LOL. let's get real for a moment and look at the real reasons behind these so call "debt relief programs"

1.) It's a way to obscure shady business (i.e. multinational corps extending loans to build infrastructure/energy plants using the countries own materials/resources bought for waaaay cheaper than its worth, and then later charging high interest rates -and at the same time stealing resources, and potentially, human organ trafficking, and then on top of that all of the bribes and phantom loans that you hear "pledged" every year but never see or hear or again)

2.) it keeps the country in line. When acceptingtdebt relief the country has to agree to the stringent economic policies "to keep it from returning to being heavily indebted" they say. But why aren't they concerned with the U.S. double digit trillion dollar debt? Why is it so important for them to provide debt relief to poor countries?

These are the list of some of the countries involved in Somalia's debt relief program
Italy, UK, US, France, Norway seriously you should be seeking refuge from these snakes not celebrating every crumb they dangle before you

What happens when under the economic reforms they agreed to Somalia's oil becomes a playground for multinational companies and leaves the somali people with pennies?

@Crow I believe what you said now about farmaajo being a cia agent of chaos. Maybe it'll be proven wrong in the coming years, I hope so, but right now between NGO thieving, sham oil company shares owning khayre and all of the sketchy stuff going on I can definitely see it

 

[bluebird]

If you guys don't believe it I have more proof but I'm too exhausted to do all that typing as of now (don't know how Dr osman does it LOL) so I gave an outline but ask for more and you shall receive....tommorow

 

[gurey]

ofcourse its not in our interest whatsoever. I am suprised by norways involvement in somalia. this nation portrays itself as a transparent nordic nation but they have been anything but transparent. debt relief basically ensuring their neo colonialist policies are not challenged and somalia basically becomes another african resource colony like congo.

 

[Ras]

Norway's probably has some long-term con going on but they have yet to realize that trying to control the geeljire is like trying to court a rock.

This debt forgiveness deal is going to end up backfiring but not just for us.

We're the lunatics that tried to play NATO & the Soviets against each other. GD luck trying to get us to take hints. Like I said..courting a rock.

 

[Farm]

Anyone with two working brain cells could you tell you that somalia is headed for dark times ( N&N bots will of course deny this), just look at what the IMF did to Haiti and how they kept them in permanent poverty. It’s sad that people actually think Somalia will able to build any infrastructure that’ll help the people with this so called debt relief.... what the IMF/World Bank prioritize are extractive industries (which never benefit countries) which is why you see them obsessed with oil and mineral extraction. After the IMF is done with Somalia, most people will miss the days they had no contact with the country. They are vultures.

Take a look at South Sudan for instance, they produce a lot of oil yet the population is poorer than ever and people are even dying from the environmental hazards caused by oil production that doesn’t benefit them at all. All done so some rich Europeans can get even more wealthy..

 

[bluebird]

Norway's probably has some long-term con going on but they have yet to realize that trying to control the geeljire is like trying to court a rock.

This debt forgiveness deal is going to end up backfiring but not just for us.

We're the lunatics that tried to play NATO & the Soviets against each other. GD luck trying to get us to take hints. Like I said..courting a rock.

I would agree with you, but it looks like the CIA agent theory is plausible, now what lol?

 

[Ibrahim hassan]

Anyone with two working brain cells could you tell you that somalia is headed for dark times ( N&N bots will of course deny this), just look at what the IMF did to Haiti and how they kept them in permanent poverty. It’s sad that people actually think Somalia will able to build any infrastructure that’ll help the people with this so called debt relief.... what the IMF/World Bank prioritize are extractive industries (which never benefit countries) which is why you see them obsessed with oil and mineral extraction. After the IMF is done with Somalia, most people will miss the days they had no contact with the country. They are vultures.

Take a look at South Sudan for instance, they produce a lot of oil yet the population is poorer than ever and people are even dying from the environmental hazards caused by oil production that doesn’t benefit them at all. All done so some rich Europeans can get even more wealthy..

here comes the money. I'm gonna build three mansions and have 4 wives

 

[Farm]

here comes the money. I'm gonna build three mansions and have 4 wives

I hear the Haitians have multiple mansions and 8 wives.

 

[bluebird]

here comes the money. I'm gonna build three mansions and have 4 wives

come clean ya ibrahim hassan ali kheyre, did your father put you up to this?

 

[bluebird]

I hear the Haitians have multiple mansions and 8 wives.

I hear Liberia had some upwards growth in gdp from 400 per capita to an outstanding 402 in 10 years

 

[Ras]

I would agree with you, but it looks like the CIA agent theory is plausible, now what lol?

He might be the only one with a brain then lol. EVeryone else around him is just in it for themselves and I don't see Farmaajo able to carry out their goals for the country.

The debt forgiveness just means that different factions in Somalia are now able to borrow money from institutions other than the IMF, world Bank etc...

So much money slushing around that even with our reputation we'll still be able to borrow however much we want because of the way the sovereign debt market works.

 

[bluebird]

this article sort or demonstrates some of the sketchy I was referring to-note because the co conspirators are enemy axis and not Allies they're okay with exposing the truth, but it isnt just the chinese and russians


A search for Mozambique’s secret $2 billion debt shows how the global banking system aids corruption

"From a solitary jail cell east of Johannesburg, Mozambique’s former finance minister is fighting extradition to the United States.

Manuel Chang was arrested on Dec. 29 at O. R. Tambo International Airport, en route to Dubai from Maputo. He appeared in a Johannesburg court twice this week where his lawyers tried, but failed to argue, that his arrest was unlawful. He’ll have a cell to himself while he awaits a decision on whether he will be sent to New York to stand trial alongside three Credit Suisse bankers and a Lebanese businessman. They face charges related to bribery, securities and wire fraud and money laundering.

Days after Chang’s arrest, three Credit Suisse bankers, Andrew Pearse, Surjan Singh and Detelina Subeva were arrested in London, while Lebanese businessman Jean Boustani was arrested at New York City’s JFK airport and refused bail. Boustani negotiated on behalf of Abu Dhabi-based holding company Privinvest.

Together they are accused of orchestrating a multimillion-dollar racket that nearly brought Mozambique’s fragile economy to its knees. Nearly three years ago, Mozambique’s war-ravaged economy was buoyed by the 2010 discovery of one of the world’s largest natural gas deposits. Then in April 2016 revelations of a hidden debt of over $1 billion shook this newfound confidence. The IMF suspended hundreds of millions of dollars in much-needed aid and investors were spooked. Later investigations revealed that the debt was closer to $2 billion.

Side note: I bolded this part because you can see a pattern here with the IMF and their dealings.... Mozambique is another country waiting on a debt relief package



"
The blueprint
Now, a 47-page indictment filed in a New York court details how Boustani and the bankers harmed Mozambique’s recovering economy. In a series of emails revealed in the indictment, they casually orchestrated whole maritime projects to enrich themselves and bribe officials like Chang (who served as finance minister from 2005 to 2015) along the way, amounting to $200 million.

The investigation, led by the US, reveals a blueprint for how desperately needed development could be exploited by unscrupulous international bankers and greedy politicians. The indictment also fingers three Mozambicans in addition to Chang, one a senior official in the finance ministry and the other a relative of a senior official. “To secure that the project is granted a go-ahead by the HoS [Head of State], a payment has to be agreed before we get there,” read one email to Boustani, written by a person whose name has been redacted from the public document. The head of state at the time was former president Armando Guebuza, who stepped down in 2015 after serving two terms

In democratic governments like ours people come and go, and everyone involved will want to have his share of the deal while in office, because once out of the office it will be difficult…” writes another redacted name in an email on Nov. 14, 2011, adding that the ministries of defense, interior, the air force and others will all “have to be looked after.” Current president, Filipe Nyusi was defense minister at the time.

Credit Suisse is not named in the indictment, only a bank referred to as “Investment Bank 1”. The indictment shows how the bank’s internal processes were manipulated or bypassed in order to secure loans worth hundreds of millions. In one example, they concealed red flags, in another the three oversaw secret due diligence processes to get ahead of the bank’s. In yet another, they created fake competing bids to convince their colleagues. Then in 2013, Singh allegedly led the bank’s due diligence trip to Mozambique, to scrutinize a project he had earlier set up using private emails.

“No action has been taken against CreditSuisse,” the bank said in a statement emailed to Quartz. “The indictment alleges that the former employees worked to defeat the bank’s internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank.”

A second bank is also cited but not named. When the scandal broke, it was revealedthat Russian bank VTB also issued loans to Mozambique.

Tuna roll
The investigation shows just how susceptible state companies are to corruption. In 2013, Privinvest, the shipbuilding and offshore construction company Boustani represented, scored a $366 million contract with Proindicus, Mozambique’s state-owned coastal surveillance company.

...rest can be read here :
https://qz.com/africa/1519653/mozambique-finance-minister-arrested-credit-suisse-fbi-caught-up

 

[Ibrahim hassan]

this article sort or demonstrates some of the sketchy I was referring to-note because the co conspirators are enemy axis and not Allies they're okay with exposing the truth, but it isnt just the chinese and russians


A search for Mozambique’s secret $2 billion debt shows how the global banking system aids corruption

"From a solitary jail cell east of Johannesburg, Mozambique’s former finance minister is fighting extradition to the United States.

Manuel Chang was arrested on Dec. 29 at O. R. Tambo International Airport, en route to Dubai from Maputo. He appeared in a Johannesburg court twice this week where his lawyers tried, but failed to argue, that his arrest was unlawful. He’ll have a cell to himself while he awaits a decision on whether he will be sent to New York to stand trial alongside three Credit Suisse bankers and a Lebanese businessman. They face charges related to bribery, securities and wire fraud and money laundering.

Days after Chang’s arrest, three Credit Suisse bankers, Andrew Pearse, Surjan Singh and Detelina Subeva were arrested in London, while Lebanese businessman Jean Boustani was arrested at New York City’s JFK airport and refused bail. Boustani negotiated on behalf of Abu Dhabi-based holding company Privinvest.

Together they are accused of orchestrating a multimillion-dollar racket that nearly brought Mozambique’s fragile economy to its knees. Nearly three years ago, Mozambique’s war-ravaged economy was buoyed by the 2010 discovery of one of the world’s largest natural gas deposits. Then in April 2016 revelations of a hidden debt of over $1 billion shook this newfound confidence. The IMF suspended hundreds of millions of dollars in much-needed aid and investors were spooked. Later investigations revealed that the debt was closer to $2 billion.

Side note: I bolded this part because you can see a pattern here with the IMF and their dealings.... Mozambique is another country waiting on a debt relief package



"
The blueprint
Now, a 47-page indictment filed in a New York court details how Boustani and the bankers harmed Mozambique’s recovering economy. In a series of emails revealed in the indictment, they casually orchestrated whole maritime projects to enrich themselves and bribe officials like Chang (who served as finance minister from 2005 to 2015) along the way, amounting to $200 million.

The investigation, led by the US, reveals a blueprint for how desperately needed development could be exploited by unscrupulous international bankers and greedy politicians. The indictment also fingers three Mozambicans in addition to Chang, one a senior official in the finance ministry and the other a relative of a senior official. “To secure that the project is granted a go-ahead by the HoS [Head of State], a payment has to be agreed before we get there,” read one email to Boustani, written by a person whose name has been redacted from the public document. The head of state at the time was former president Armando Guebuza, who stepped down in 2015 after serving two terms

In democratic governments like ours people come and go, and everyone involved will want to have his share of the deal while in office, because once out of the office it will be difficult…” writes another redacted name in an email on Nov. 14, 2011, adding that the ministries of defense, interior, the air force and others will all “have to be looked after.” Current president, Filipe Nyusi was defense minister at the time.

Credit Suisse is not named in the indictment, only a bank referred to as “Investment Bank 1”. The indictment shows how the bank’s internal processes were manipulated or bypassed in order to secure loans worth hundreds of millions. In one example, they concealed red flags, in another the three oversaw secret due diligence processes to get ahead of the bank’s. In yet another, they created fake competing bids to convince their colleagues. Then in 2013, Singh allegedly led the bank’s due diligence trip to Mozambique, to scrutinize a project he had earlier set up using private emails.

“No action has been taken against CreditSuisse,” the bank said in a statement emailed to Quartz. “The indictment alleges that the former employees worked to defeat the bank’s internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank.”

A second bank is also cited but not named. When the scandal broke, it was revealedthat Russian bank VTB also issued loans to Mozambique.

Tuna roll
The investigation shows just how susceptible state companies are to corruption. In 2013, Privinvest, the shipbuilding and offshore construction company Boustani represented, scored a $366 million contract with Proindicus, Mozambique’s state-owned coastal surveillance company.

...rest can be read here :
https://qz.com/africa/1519653/mozambique-finance-minister-arrested-credit-suisse-fbi-caught-up

Corruption will be dismated in Somalia don't worry. Wallahi I won't tolerate corruption

 

[Samaalic Era]

Corruption will be dismated in Somalia don't worry. Wallahi I won't tolerate corruption

You are a moron sxb

 

[bluebird]

How IMF reforms destroy countries. Part of the conditions of receiving debt relief is applying new structural reforms to the nations economy, the problem is that these guidelines are "recommended" by the experts at the IMF when the IMF is funded by large corporations, who's interests are in their business, not the economic growth of some 3rd world country. They have been using loans as a way to dictate the spending of recipient countries and in west africa this led to a worsening in their ebola outbreak since under the new reforms, the government public spending was limited and the healthcare in the country declined. why didn't these new reforms that are put in place to promote good government spending only end up causing harm? as farm said they really only have an interest in the sectors where they can steal raw material, minerals, gas, oil etc. And never has this benefited anyone before, why should anyone believe somalia is gonna be any different.

I really fear for somalia if it continues going down this path. We could have been content with building small businesses, self sustaining agro, etc anything to keep away the economy killers

 

[Ferrari]

I thought it was suban salaax, a covert way to jack all the oil but yall saying it is more nefarious than that?

 

[AarLibaax]

One minute they say debt relief lol, not gonna happen, fake news bla bla bla

Now they have an opinion

You gotta love Sspot characters

 

[bluebird]

I thought it was suban salaax, a covert way to jack all the oil but yall saying it is more nefarious than that?

I wonder what the exact details in the new petroleum law he passed were. They're being really vague about the new implementations that will be more attractive to international investors. maybe the amended bill was one of the prerequisites for the debt relief. This is what they have to say about the reforms they help with
"The IMF's technical assistance takes different forms, according to needs, ranging from long-term hands-on capacity building to short-notice policy support in a financial crisis. Technical assistance is delivered in a variety of ways. IMF staff may visit member countries to advise government and central bank officials on specific issues, or the IMF may provide resident specialists on a short- or a long-term basis. Technical assistance is integrated with country reform agendas as well as the IMF's surveillance and lending operations.

The IMF is providing an increasing part of its technical assistance through regional centers located in Côte d'Ivoire, Gabon, Ghana, Mauritius, and Tanzania for Africa; in Barbados and Guatemala for Central America and the Caribbean; in Lebanon for the Middle East; and in Fiji for the Pacific Islands. The IMF also offers training courses for government and central bank officials of member countries at its headquarters in Washington, D.C., and at regional training centers in Austria, Brazil, China, Singapore, Tunisia, and the United Arab Emirates.

Partnership with donors

Bilateral and multilateral donors are playing an increasingly important role in enabling the IMF to meet country needs in this area, with their contributions now financing about two thirds of the IMF's field delivery of technical assistance. Strong partnerships between recipient countries and donors enable IMF technical assistance to be developed on the basis of a more inclusive dialogue and within the context of a coherent development framework. The benefits of donor contributions thus go beyond the financial aspect.

The IMF is currently seeking to leverage the comparative advantages of its technical assistance to expand donor financing to meet the needs of recipient countries. As part of this effort, the Fund is strengthening its partnerships with donors by engaging them on a broader, longer-term and more strategic basis.

The idea is to pool donor resources in multi-donor trust funds that would supplement the IMF's own resources for technical assistance while leveraging the Fund's expertise and experience. Expansion of the multi-donor trust fund model is envisaged on a regional and topical basis, offering donors different entry points according to their priorities. To this end, the IMF is establishing a series of topical trust funds, covering such topics as anti-money laundering/combating the financing of terrorism; fragile states; public financial management; management of natural resource wealth, public debt sustainability and management, statistics and data provision; and financial sector stability and development.

so it looks like they're not only trying to steal oil, but control the entire potential oil economy in Somalia

 

[bluebird]

One minute they say debt relief lol, not gonna happen, fake news bla bla bla

Now they have an opinion

You gotta love Sspot characters

I never said that. And let me ask you, what makes somalia different than any other country they've trapped in these corrupt cycles?

 

[Man]

opinion: Perhaps, this time there is no sinister agenda behind the debt clearance for Somalia