Somalia's PM calls to US banks to reconsider their decision and continue to support Hawalas money transfers.

Published: February 8, 2015

somaliaPrime Minister Sharmarke: “The situation is massively important and I am determined to finding permanent solutions to maintain money transfer.”
For immediate release
Mogadishu – As Somalia Prime Minister and former Somali Ambassador to the US, H.E. Omar Abdirashid Ali Sharmarke is fully aware of the astronomical impact this announcement will have on the well-being of many Somalis and is determined to finding permanent solutions to maintain money transfer.
“I have personally spoken to the US Government on this pressing issue and repeated my calls to US banks to reconsider their decision and continue to support Hawalas money transfers. No one in the money remittance sector disputes the vital importance of remittances to developing countries and I fully understand the limitations imposed on them by government regulations. Through good open negotiations, I will seek to appease their concerns and I will do everything in my power to find a permanent legitimate and transparent solution in the interests of the Somali and regional economy.” said H.E. Omar Abdirashid Ali Sharmarke.
The Prime Minister further said: “This situation has been a concern of mine for many years and we need to find a permanent solution to keep open this vital humanitarian lifeline. The security situation is one the main challenges and I am committed to bring stability and security to Somalia. Unfortunately as many know, this alone will not do. Somalia also requires a robust financial and banking system in order to reassure the money remittance sector, governments and key stakeholders. In the meantime, we cannot remain passively inactive and I will ask my government to quickly develop and implement new ways to support the millions of ordinary Somalis relying on the program.”
“ Finally, as the situation in Somalia continues to improve, I call on Somalis from all walks of life and on our international donors to remain positively committed. Money transfers are not only a lifeline but a family-to-family voluntary support system which helps to reduce reliance on official foreign aid, reaches poor individuals and communities and serves as an insurance blanket funding unemployment in regions mostly affected by drought and floods. Without this engine, many Somalis risk to lose their autonomy and ability to pay rent, buy food and clothes, access medical services or even afford to send their children to school,” said, the Prime Minister.

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