The Fallacy of Debt Relief for Somalia

EDITORIAL.

Radio Shabelle website reports that the Somali Finance Minister, Dr Abdirahman Beileh, was attending a meeting in Addis Ababa about debt relief for Somalia. Debt relief is a federal government buzzword. The Federal Government leaders have not explained what debt relief entails beyond occasional tweets from the Finance Minister or the President. Somalia does not have the characteristics of countries that benefit from debt relief. At 2017 London Somalia Conference, the United Nations Secretary General, António Guterres, said AMISOM remains in Somali in response to a global threat from the war-torn country.  What are immediate consequences from this situation? 

More than 90% of funds raised for the reconstruction of Somalia goes to AMISOM operations.  Somalia does not have a government that is able to eliminate domestic threat to global security. Foreign peacekeepers  are  gainfully employed to take the role a Somali Army would play to deter and prevent  terrorist threats . How can a country that accesses measly 9% of development aid raised in its name reap benefits of debt relief? 

Debt relief can open the door for a country to borrow money from other
countries or multilateral agencies to perpetuate debt dependency. The military
regime ( 1969-1991)  saddled Somalia with the lion’s share of the debt
Somalia owes several countries and organisations. Since 1991 Somalia has not
been able to service the debt, a situation that increases Somalia’s debt. In
the eyes of many Somalis debt relief is public relations exercise of the Somali
Federal Government. Repeating it in the face of mounting security challenges
exposes   fallaciousness  of debt relief for
war-torn Somalia.  

Send
comments to: pp@puntlandpost.com

© PUNTLAND POST      


Let’s block ads! (Why?)

NAGALA SOO XIRIIR:- WEBMASTER@GEESGUUD.COM AMA FORMKA HOOSE RIIX BUUXI OO TOOS NOOGU SOO DIR