CovOps
Location : Ether-Sphere Job/hobbies : Irrationality Exterminator Humor : Über Serious
| Subject: Somalia Central Bank a 'slush fund' for private payments - U.N. Tue Jul 02, 2013 4:55 am | |
| Money at the Central Bank of Somalia is not used to run government institutions in the war-torn Horn of Africa country, with an average 80 percent of withdrawals made for private purposes, according to a U.N. report seen by Reuters on Monday.
The confidential report by the U.N. Group of Experts to the Security Council's Somalia and Eritrea sanctions committee blamed a patronage system - dubbed the "khaki envelope" practice after the color of the stationery carried to the Ministry of Finance - for preventing the creation of state institutions.
"In this context, the fiduciary agency managed by PricewaterhouseCoopers was reduced to a transfer agent that could not ensure accountability of funds once they reached the Somali government," the report said.
...
Omer, 59, is a dual Somali-U.S. national who left Somalia at age 16 and returned in January to become governor of the Central Bank in a country with a shattered economy and broken financial system.
http://news.yahoo.com/exclusive-somalia-central-bank-slush-fund-private-payments-231539813.html |
|