By Jack Kimball ASMARA, Sept 5 (Reuters) - Livestock exports and money sent home by Somalis abroad have propped up the Horn of Africa nation's economy despite a war over the New Year that gave way to an Iraq-style insurgency, the World Bank said on Wednesday.
Somalia's entrepreneurs have learned to thrive despite a lack of government, feuding warlords and an Islamist-led guerrilla war targeting security forces and their Ethiopian allies, who overthrew a sharia courts group in January. "The conflict did not have a negative impact on remittance inflows, which stay around $800 million to $1 billion annually," said Chris Lovelace, World Bank country manager for Somalia. Funds transfers by Somalis abroad made up nearly 70 percent of the economy, he told Reuters in an interview in the Eritrean capital Asmara. [Read more]
No comments:
Post a Comment