Oodweyne News - Latest Somali News Update

President Silanyo is nearing the end of his term amid an economic crisis.

​Hargeisa is facing unprecedented financial crunch ……

 

 

  According to our sources, it’s increasingly unlikely the presidential election will be held on Nov. 13 as announced on June 10 by Abdukadir Iman Warsame, chairman of the National Electoral Commission (NEC). A campaign to distribute election cards has fallen behind time and Somaliland is still lacking the $5 million it needs to stage the ballot.
The United Nations and European Union having suspended their pledge to pay 75% of the $9 million required for the election, the government of president Ahmed Mohamed Mahamoud a k a Silanyo has only managed to scrape up $4 million (in two installments) for the NEC.
A delegation from Somaliland headed by Musa Bihi Abdi, who’s both the leader of the ruling Kulmiye party in Hargeisa and its candidate in the coming election, is due to fly to Riyadh and Dubai to appeal for financial assistance in return for Somaliland’s backing for the two countries in the Qatar crisis (ION 1453).
Indeed, information gleaned by the Indian Ocean Newsletter indicates that the coffers of the Bank of Somaliland are empty. The country is facing a grave economic crisis twinned with a financial crunch. An embargo on Somaliland cattle imposed by Saudi Arabia has vastly reduced inputs of hard currency (ION 1444) but the situation has been worsened by the re-routing of taxes that Hargeisa should pick up from operations in the port of Berbera, which is mainly managed by the private UAE operator DP World (ION 1451). According to our sources, DP World indeed opened an account at Dahabshiil, an international funds transfer agency, in Hargeisa. But Dahabshiil is said to have transferred the money to DP World’s accounts in the UAE. As a result, DP World doesn’t declare losses in Berbera but doesn’t pay taxes on its operations in Somaliland, either. To make matters worse, Somaliland’s shilling has plunged against the dollar at a moment when the country depends more than ever on imports.
Ahmed Jigga

Somaliland Budget