{"id":5235,"date":"2020-06-03T23:34:50","date_gmt":"2020-06-03T23:34:50","guid":{"rendered":"https:\/\/sooha.org\/en\/?p=5235"},"modified":"2021-07-03T17:32:24","modified_gmt":"2021-07-03T17:32:24","slug":"interview-with-minister-gamal-the-country-working-on-improving-the-economy","status":"publish","type":"post","link":"https:\/\/sooha.org\/en\/2020\/06\/03\/interview-with-minister-gamal-the-country-working-on-improving-the-economy\/","title":{"rendered":"INTVW with minister Gamal: The country working on improving the economy"},"content":{"rendered":"
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Somalia’s Planning, Investment, and Economic Development Minister Gamal Hassan spoke with Aggrey Mutambo on the country\u2019s economy and fighting corruption.<\/p>\n<\/div>\n

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Q:<\/strong><\/span> Somalia relies almost entirely on remittances. How is the government making it easier for diaspora investments, and how what is the effect on the economy?<\/span><\/p>\n<\/div>\n

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A:<\/span><\/strong> Remittances only account for less than a quarter of our GDP. Its importance is not in its volume but in the way it is used. Remittances account for up to 50 percent of household incomes for the majority of the poor in Somalia, and the funds are usually used for essential household expenses. Remittances have provided a stable source of foreign direct investment for the economy and remain a strong vehicle for poverty alleviation in Somalia.<\/p>\n

Our government has undertaken substantive reforms to regulate, maintain, and expand remittance flows in Somalia. The passing of the Anti-Money Laundering legislation will increase the transparency and accountability of remittance companies. We are also in the process of linking bank accounts and remittance operations to eliminate the risk of terrorist financing. The banking sector in Somalia is also becoming more integrated with international financial systems.<\/div>\n<\/div>\n
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Q:<\/span><\/strong> You recently published an ambitious National Development Plan. What are the priority areas?<\/span><\/p>\n<\/div>\n

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A:<\/strong> The three national priorities are inclusive and accountable politics improved security and rule of law and improved economic development. These priority areas were found to be prerequisites to consolidating peace, strengthening governance, and laying the foundation for a prosperous Somalia.<\/p>\n<\/div>\n

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We plan to reduce poverty through a sustainable growth across all sectors of the economy through improved resilience of the traditional primary sector of agriculture and greater diversification of the economy toward the development of financial, telecommunication, petroleum, and service sectors, including utilities to increase employment and improve living standards of all Somalis in the next five years.<\/p>\n<\/div>\n