As the cycle of crisis continues in Somalia, vital remittance pipelines risk being cut
Press Release Nairobi, 19 February, 2015: As the cycle of crisis continues in Somalia, vital remittance pipelines risk being cut
Somalia's financial lifeline remains under threat as banks in US, UK, Australia, and elsewhere have broken ties with the money transfer operators that make remittances possible, NGOs warn.
Just three years on from a devastating famine that killed 258,000, Somalia continues to be in the grips of crisis. At the same time, the country’s vital lifeline – $1.3 billion in remittances annually representing 25-45 percent of the country’s GDP – is slowly being choked off in the US, UK and Australia, NGOs warned in a report released today.
Read more in Hanging by a Thread: The ongoing threat to Somalia’s remittance lifeline.