Somaliland:Remittance finance Promotes Economic Development – Dahabshiil
By Goth Mohamed Goth
Addis Abba-The three days (13/16) Third International Conference on Financing for Development brought together high-level political representatives, including Heads of State and Government, and Ministers of Finance, Foreign Affairs and Development Cooperation, as well as all relevant institutional stakeholders, non-governmental organizations and business sector entities in Addis Abba.
The Conference will result in an intergovernmentally negotiated and agreed outcome, which should constitute an important contribution to and support the implementation of the post-2015 development agenda.
Speaking to VOA Somali service Mr. Abdirashid M Said Dualeh, the CEO of the Dahabshil, the largest money remittance company in Africa reiterated on the important role remittance companies play said, “Every year, hundreds of thousands of immigrants from East African region walk into small money transfer organizations in more than 150 countries around the world in order to send money to relatives in their homelands. Their funds prop up local and regional economies, keep families fed, and help preserve stability around the region.
“During the conference, Finance Ministers from the region have for the first time reached a consensus on the vital role played by the funding sent by their respective countries diasporas in fillings crucial gaps in economy recovery, reaching individuals and communities that aid often doesn’t, and provides an insurance mechanism to subsidize unemployment during the crucial post-conflict period when there are not enough sources of income to provide for the population”, Mr. Abdirashid M Dualeh stated.
Mr. Abdirashid M Dualeh further added, “Among the outcome of this conference is the establishment of a forum which will bring together representatives of western countries which the diaspora usually send money from and the recipient countries (East African) to oversee the nonstop flow of money to those who depend on it and in compliance with the required regulations set by this countries.
“It was also agreed that those living in the diaspora should send money through banks and money transfer organizations such as Dahabshiil and not through the black market in order to avoid inadvertently undermining this crucial financial lifeline”,he said.
lastly Mr. Abdirashid M Dualeh said , “Dahabshiil welcomes any new regulations which will permit remittances to remain open and functioning and has in the past voluntarily complied with all existing regulations.