Critical Analysis: Inconsistencies and Fabrications in Crucial Economic, Financial, Investment Development Institutions Credentials and Qualifications in Somalia

Critical Analysis: Inconsistencies and Fabrications in Crucial Economic, Financial, Investment Development Institutions Credentials and Qualifications in Somalia

Editor’s note: This letter is issued by MP Cabdillahi Xaashi Abib, following numerous appeals to President Hassan Sheikh Mohamoud and key government officials, highlighting widespread corruption, nepotism, cronyism, and stagnation crippling public services under the current administration, which have largely fallen on deaf ears. The letter specifically accuses high-ranking officials, including the Federal Ministers of Planning and Finance and the Governor of the Central Bank of Somalia, of holding fraudulent qualifications and degrees. Transparency International’s Corruption Perception Index consistently ranks Somalia among the most corrupt countries globally. Read the full contents of MP Abib’s letter below:

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To: President of the Federal Republic of Somalia
To: Prime Minister of the Federal Republic of Somalia
To: Oversight Committee of the House of People and the Senate
To: Speaker of the House of People and the Senate
To: Integrity Vice Presidency – World Bank
Cc: UN Somalia
Cc: Finland Embassy – Somalia
Cc: Norway Embassy – Somalia
Cc: US Embassy – Somalia

Cc: EU Embassy – Somalia
Cc: Denmark Embassy – Somalia
Cc: Sweden Embassy – Somalia
Cc: UK Embassy – Somalia
Cc: Netherland Embassy – Somalia
Cc: Italy Embassy – Somalia
Cc: World Bank – Somalia
Cc: IMF – Somalia Subject:

Critical Analysis: Inconsistencies and Fabrications in Crutial Economic, Financial, Investment Development Institutions Credentials and Qualifications in Somalia

Dear Mr. President,

I am writing to urgently draw your attention to significant concerns raised by our international donors to me directly on several occasions, who have been integral to the development of our country’s key economic, financial, and investment sectors. These concerns focus on the current leadership within these critical sectors, specifically the Minister of Finance, the Minister of Planning, Economic Development and Investments, Governor of the Central Bank of Somalia, and the Chairman of the National Economic Council.

Mr. President, it has come to my attention that the actions and decisions made by these leaders are not only jeopardizing the trust and support of our international partners but are also in direct violation of international standards and protocols. The mismanagement, lack of transparency, and potential corrupt practices within these offices are raising red flags among our donors, who are now questioning the integrity and capability of our government to utilize their funds effectively and ethically.

Mr. President, these actions are in stark violation of the Somalia Provisional Constitution, which you swore to uphold to the fullest before God Almighty Allah and in front of the Somali people. The Constitution mandates that all public officials act with integrity, accountability, and transparency, ensuring that their actions serve the best interests of the Somali people and uphold the rule of law. The current situation reflects a profound deviation from these constitutional principles, undermining the very foundation of our nation’s governance and international credibility.

Breach of International Standards and Somali Provisional Constitution The International Standards: The fraudulent qualifications and lack of competence among these leaders constitute a flagrant breach of international standards for public officeholders. The Basel Core Principles for Effective Banking Supervision, for instance, stipulate that central bank officials must possess the requisite expertise and integrity. However, the current Governor of the Central Bank of Somalia clearly lacks both. This discrepancy not only undermines the institution’s credibility but also exposes the financial system to heightened risks and vulnerabilities.

The Somali Provisional Constitution:

According to the Somali Provisional Constitution, officials in key economic sectors are mandated to have verifiable qualifications and a track record of integrity. The Central Bank Act of 2012 explicitly outlines the qualifications required for the Central Bank Governor, requirements which have been blatantly violated by the current leadership. These fraudulent qualifications and dishonest practices not only violate constitutional mandates but also erode public trust and institutional integrity.

Impact on Financial Crime Strategies:

The leadership’s incompetence and fraudulent practices critically impair Somalia’s capacity to address financial crimes effectively. Robust strategies to combat financial crimes, such as money laundering and corruption, necessitate competent and trustworthy leaders. The current leadership’s deficiencies expose the nation to heightened risks of financial crimes, deter foreign investment, and significantly impede economic development. This governance failure not only hampers the implementation of effective financial crime strategies but also exacerbates the country’s economic instability, further discouraging international support and investment.

Mr. President, the implications of these violations are severe. Continued mismanagement and corruption not only threaten the flow of essential international aid but also erode the confidence of the Somali people in their government. It is imperative that immediate and decisive actions are taken to address these issues, restore donor confidence, and reaffirm our commitment to constitutional governance and international standards.

 Mr. President, the donors have expressed deep dissatisfaction with the current leadership’s handling of economic policies, financial management, and investment strategies. They have highlighted a series of inconsistencies and mismanagement issues that are severely undermining their confidence in our ability to effectively utilize and manage the funds and resources provided for national development.

Mr. President, one of the primary concerns is the apparent lack of coordination and coherent policy direction among the aforementioned key economic figures. The disjointed efforts and conflicting agendas have not only led to inefficient use of resources but also created an environment of uncertainty that hampers long-term strategic planning and investment. This lack of synergy is detrimental to both the short-term economic stability and the long-term development goals of our nation.

Mr. President, there are alarming reports of corruption and misappropriation of funds within these sectors. The donors have indicated that without immediate and decisive action to address these issues, they may be compelled to reconsider their support. This would be a catastrophic setback for our development initiatives and could severely impact the socioeconomic fabric of our country.

Mr. President, the role of the Minister of Finance, the Minister of Planning, Economic Development, and Investment, and the Governor of the Central Bank of Somalia have also come under scrutiny. Concerns regarding transparency, accountability, and the integrity of financial operations have been raised. The credibility of our financial institutions is paramount, and any erosion of trust in these institutions can have far-reaching negative consequences for our economy.

Read more: Critical Analysis: Inconsistencies and Fabrications in Crutial Economic, Financial, Investment Development Institutions Credentials and Qualifications in Somalia

Cabdillahi Xaashi Abib MP
Email: abdillahi.abib@parliament.gov.so
Website: https://abib.parliament.gov.so
Contact: 1-571-436-7586 / +252-610822469

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