The looming economic collapse in Somalia

[novanova]

Obviously, the Somali economy has been, over the years, standing on the edge of a financial abyss. But a combination of state-facilitated land seizures, irresponsible private bank credit asset investments and a weak regulatory environment has worsened the situation and created a ticking time bomb that could detonate into full-scale national bankruptcy at any time. As several opposition figures have painfully exposed, public deposits – money belonging to ordinary citizens – were diverted from private banks into the hands of the President, allegedly in exchange for state-owned land. This land, often forcefully taken from vulnerable communities, was then sold to private investors, particularly those with ties to the banking sector. The same banks, have plunged public deposits into luxury real estate construction projects across Mogadishu, hoping to sell them at high returns. But in doing so, they have not only tied up liquidity in a non-productive sector but also exposed Somalia’s financial infrastructure to catastrophic risk.

Full article: https://wardheernews.com/the-looming-economic-collapse-in-somalia/

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

The fact that Culusow and his goons don't have power beyond Mogadishu is a blessing in disguise. We should all thank Allah SWT that the country is not centralised, otherwise their theft would be apparent all over the country.

 

[Chaseyourdreamzz]

A lot of people would rather invest in Nairobi for this reason at least you’ll get a better return

 

[Dalac Bilaash]

Lol so now cleaning slums from the capital will lead to economic collapse who would've thought that would happen the opposition are basically sub 50 iq retards

 

[Gacmeey]

Wait, someone clarify something for me……

“public deposits – money belonging to ordinary citizens – were diverted from private banks into the hands of the President”

Are they saying money in EVC was taken by the president for his own agenda? Like the money on the phone is just pixels with no real value behind it?

 

[Basra]

Obviously, the Somali economy has been, over the years, standing on the edge of a financial abyss. But a combination of state-facilitated land seizures, irresponsible private bank credit asset investments and a weak regulatory environment has worsened the situation and created a ticking time bomb that could detonate into full-scale national bankruptcy at any time. As several opposition figures have painfully exposed, public deposits – money belonging to ordinary citizens – were diverted from private banks into the hands of the President, allegedly in exchange for state-owned land. This land, often forcefully taken from vulnerable communities, was then sold to private investors, particularly those with ties to the banking sector. The same banks, have plunged public deposits into luxury real estate construction projects across Mogadishu, hoping to sell them at high returns. But in doing so, they have not only tied up liquidity in a non-productive sector but also exposed Somalia’s financial infrastructure to catastrophic risk.

Full article: https://wardheernews.com/the-looming-economic-collapse-in-somalia/

Why r u talking like somalia is NOT a third world country?

 

[Barkhadle1520]

Obviously, the Somali economy has been, over the years, standing on the edge of a financial abyss. But a combination of state-facilitated land seizures, irresponsible private bank credit asset investments and a weak regulatory environment has worsened the situation and created a ticking time bomb that could detonate into full-scale national bankruptcy at any time. As several opposition figures have painfully exposed, public deposits – money belonging to ordinary citizens – were diverted from private banks into the hands of the President, allegedly in exchange for state-owned land. This land, often forcefully taken from vulnerable communities, was then sold to private investors, particularly those with ties to the banking sector. The same banks, have plunged public deposits into luxury real estate construction projects across Mogadishu, hoping to sell them at high returns. But in doing so, they have not only tied up liquidity in a non-productive sector but also exposed Somalia’s financial infrastructure to catastrophic risk.

Full article: https://wardheernews.com/the-looming-economic-collapse-in-somalia/

1. This is a well known biased lying Afar website

2. FGS bankrupcy doesn't mean econonic collapse