World Bank approves first loans ($80m) to Somalia in 30 years

[SomaliMVP]

https://af.reuters.com/article/somaliaNews/idAFL8N1WC2BF

It reopened direct ties with Somalia’s federal government in early 2013.

Its board had approved financing of $60 million for the Recurrent Cost and Reform Financing Project and $20 million for the Domestic Revenue and Public Financial Management Capacity Strengthening Project, it said in a statement late on Tuesday.

 

[gurey]

And what's the interest rate on that

 

[Twwin]

Going straight in the pockets of corrupt motherfuckers. The poor residents will never see the money. Sad. Indeed.

 

[embarassing]

And what's the interest rate on that

 

[Futurist]

Where's the money going? Mogadishu thieves

 

[Abdalla]

RIP to that 80 million. Last seen in a WB account

 

[AarLibaax]

Where's the money going? Mogadishu thieves

This and all other future funds will go to does that know their place under

 

[Karim]

Here's my theory on where that money might go:
Corrupt politicians will have their fair share of the prize and they'll spend it on Mogadishu: renting expensive hotels that charge exorbitant rates, buying expensive suits and ties, riding flashy cars and hiring new well equipped security detail. What's left of the money will go directly to Huutuu elders to silence them for a year.

In the end, that money won't leave Mogadishu.

 

[HIGH PRIESTESS]

This made me happy and sad at the same time.

Happy, because the loans show that the World Bank believes Somalia is progressing and worth investing in.

Sad, because I know the money will go straight into the pockets of corrupt politicians who haven’t got the well-being of their country on their minds.

 

[embarassing]

What corruption are you guys going on about? The reason Dr.Beileh and the FG got to this point is because they've been working hard to get rid of corruption and be transparent. What's done with this will also be closely monitored. Try reading the article maybe.

 

[Farm]

Who would be dumb enough to give money to Farmaajo and his gang?

 

[AarLibaax]

What corruption are you guys going on about? The reason Dr.Beileh and the FG got to this point is because they've been working hard to get rid of corruption and be transparent. What's done with this will also be closely monitored. Try reading the article maybe.

Unfounded claims made out of spite.
Let them bark meanwhile Somalia is moving forward

 

[Mr.Haggis]

farmaajo mansion Darussalam 10 mil usd

 

[SomaliMVP]

And what's the interest rate on that

0%. Turns out it's a grant, not a loan.

 

[Thegoodshepherd]

View attachment 55361[/QUOTE]

RIP to that 80 million. Last seen in a WB account

I don't know why the WB thinks any of this can work. The FGS is the most corrupt entity in the world.

Public funds are found to be frequently diverted and misappropriated due to corruption (HRR 2015). In one major case, it was found that approximately 80% of payment transfers made by the central bank of Somalia was to private persons for non-business purposes (BTI 2016; HRR 2015). Government officials with close ties to the president also actively used the central bank to control overseas recovered assets including cash and gold held in banks during the Somalian civil war as well as government property abroad (HRR 2015, HRR 2014).

The FGS is the least capable "government" in Somalia. Puntland and Somaliland are both much more capable of implementing the kinds of programs the WB is interested in. The FGS' pretense of sovereignty will cost competent federal states a lot of potential development assistance. This is not to say that Puntland or Somaliland are corruption free, just that they are much less corrupt. If all aid has to go through Mogadishu, you cannot expect much effectiveness at all. What matters more: better living standards for the citizens of the country, or centralized control from the capital?
You actually have to choose, because the two are clearly antithetical.

 

[AarLibaax]

I don't know why the WB thinks any of this can work. The FGS is the most corrupt entity in the world.


The FGS is the least capable "government" in Somalia. Puntland and Somaliland are both much more capable of implementing the kinds of programs the WB is interested in. The FGS' pretense of sovereignty will cost competent federal states a lot of potential development assistance. This is not to say that Puntland or Somaliland are corruption free, just that they are much less corrupt. If all aid has to go through Mogadishu, you cannot expect much effectiveness at all. What matters more: better living standards for the citizens of the country, or centralized control from the capital?
You actually have to choose, because the two are clearly antithetical.

Damn

Bitterness

 

[Thegoodshepherd]

Damn

Bitterness

I don't understand, why would I be bitter? I just find it sad that projects like Bosaso airport, Garowe airport, renovation of Bosaso port, etc... are unlikely to happen in the future as the FGS gains more authority over funding channels. Puntland will no longer be able to get the funding it needs for such projects, meaning that it will have to raise all of it from taxes. Development in Puntland will slow down significantly as the FGS tightens its grip over foreign affairs. I am just stating the most likely outcome.

 

[GBTarmy]

I don't understand, why would I be bitter? I just find it sad that projects like Bosaso airport, Garowe airport, renovation of Bosaso port, etc... are unlikely to happen in the future as the FGS gains more authority over funding channels. Puntland will no longer be able to get the funding it needs for such projects, meaning that it will have to raise all of it from taxes. Development in Puntland will slow down significantly as the FGS tightens its grip over foreign affairs. I am just stating the most likely outcome.

Thats why we should go for a Confederate Somalia like the Swiss model, its time for Somalis to understand we want to be ruled locally not from a city like Mogadishu far from other regions. Why are some Somalis politically incompetent?

https://africanarguments.org/2011/10/20/dont-force-statehood-on-somalia-by-richard-dowden/

 

[Thegoodshepherd]

Thats why we should go for a Confederate Somalia like the Swiss model, its time for Somalis to understand we want to be ruled locally not from a city like Mogadishu far from other regions. Why are some Somalis politically incompetent?

https://africanarguments.org/2011/10/20/dont-force-statehood-on-somalia-by-richard-dowden/

The problem is that too many Somalis south of Galkacyo are still clinging on to the hope of a centralized state. You would think that 27 years of anarchy would disabuse them of having such imaginings, but no.

There will be no political progress in Somalia until southerners realize that Mogadishu will not run the internal political/economic affairs of federal states. This is why the Kheyre/Farmaajo administration will not make any headway. Centralization as an idea has to be given up.

 

[Jiron]

Have faith guys, I believe in this government. I am sure the money will be used wisely otherwise, no one would trust granting them a loan of that magnitude.