The more than 2 million Somalis who live, study, and work in diaspora are capable of rebuilding the local economy.
Duale Beileh, the country’s Minister for Finance, believes his compatriots have the resources needed to change Somalia’s economic fortunes.
Currently, Somalia has been receiving plenty of good news. For example, its debt-relief campaigns seem to be bearing fruit.
Several global institutions, such as the World Bank, IMF, and African Development Bank (AfDB) have pledged over $334 million to help the country reduce its $5.3 billion debt.
The local economy has struggled after years of terrorism and inter-clan conflicts. Dysfunctional financial regulations and endemic corruption have worsened the situation.
All the efforts that the country’s economic leadership has put in place to steady the ship have failed spectacularly too.
Nevertheless, there is a light at the end of the tunnel, especially if Somalis in the diaspora play their role well.
Somalis in the diaspora contribute over $2 billion annually to the country’s economy. Their contribution represents 40 percent of Somali’s GDP.