Diaspora has big role as Somalia rebuilds economy, global ties: finance minister

WASHINGTON - Somalia’s 2-million strong diaspora has a huge role to play as the Horn of Africa country rebuilds its economy and resets ties with major international institutions after three decades as a “failed state,” Somalia’s finance minister said.

Somali Finance Minister Abdirahman Duale Beileh, a longtime member of the diaspora himself, will finalize a debt forgiveness agreement on Monday with the African Development Bank in Abidjan, another milestone as Somalia normalizes ties with the rest of the world. On March 31, Somalia officials will meet with Paris Club creditors, with non-Paris Club creditors to attend as well.

But he said he is also relying on help from Somalis living in the United States, Canada and elsewhere, who contribute about $2 billion or 40% of Somalia’s gross domestic product in remittances each year, to shore up trust in the government, invest in businesses and move the country forward.

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