AnCaps
ANARCHO-CAPITALISTS
Bitch-Slapping Statists For Fun & Profit Based On The Non-Aggression Principle
 
HomePortalGalleryRegisterLog in

 

 Somalia Central Bank a 'slush fund' for private payments - U.N.

View previous topic View next topic Go down 
AuthorMessage
CovOps

CovOps

Female Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : Über Serious

Somalia Central Bank a 'slush fund' for private payments - U.N. Vide
PostSubject: Somalia Central Bank a 'slush fund' for private payments - U.N.   Somalia Central Bank a 'slush fund' for private payments - U.N. Icon_minitimeTue 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
Back to top Go down
 

Somalia Central Bank a 'slush fund' for private payments - U.N.

View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
 :: Anarcho-Capitalist Categorical Imperatives :: AnCaps' Laissez-faire Free Trade Zone-