Money needed for survival blocked due to fear of repercussions
Minneapolis – Adeso invites you to a briefing marking the launch of a new joint research report with Inter American Dialogue and Oxfam America, keeping the Lifeline Open: Remittances and Markets in Somalia. The briefing will take place on September 6th, 2013 at Safari Restaurant 3010 4th Av South, Minneapolis, Minnesota 55408 from 6pm-8pm. The launch will discuss the impact of bank account closures of US-based money transfer operators to the Somali community.
Every year, a $1.3 billion stream of cash
that the people of Somalia depend on for food, shelter, clothing and
other necessities is under threat according to a new report from Adeso,
the Inter-American Dialogue, and Oxfam America released on July 31st 2013.
Fear of US anti-terror and money laundering laws is leading banks to
close critically needed bank accounts of US-based money transfer
operators. With the lack of a formal banking system in Somalia, families
now face the possibility of being unable to access funds from friends
and relatives that they desperately require for survival.
More money in remittances is sent to
Somalia than the amount the country receives in humanitarian assistance,
development assistance and foreign direct investment combined. Somalis
based in the US send approximately $214 million each year back to their
families in Somalia; nearly the same amount the US sends in foreign
assistance to Somalia ($242 million). This aid allows individuals and
families to spend money based on their specific needs and immediate
priorities.
The money is a lifeline for many Somalis,
providing them with a means to meet their immediate needs as well as
open and sustain small businesses, send children to school, and invest
in their communities. Remittances to women, in particular, result in
investments in education, health, and nutrition. “More than half the
recipients of remittances are women,” said Degan Ali, Executive
Director, Adeso. “These are teachers and business owners. The money they
receive can account for more than half of their income.”
Somali money transfer operators also play a
critical role in cash relief programs, which Adeso, Oxfam, the United
Nations, the US Administration for International Development and other
humanitarian agencies used to help Somalis buy food and other basic
necessities during the 2011 famine.
“These companies don’t just connect Somalis
to their relatives; they connect Somalis with humanitarian agencies
like ours so we can provide life-saving assistance,” Ali added.
Adeso is an African-founded and led
humanitarian and development organization that is changing the way
people think about and deliver aid in Africa. We believe that
development must come from within, not outside African communities and
that it is Africans themselves who must determine their own futures. We
work to prevent, manage, and overcome situations that threaten the
environmental, social and financial wellbeing of African communities.
With this approach, we believe that we can build on the foundations of
our great continent and help take Africa forward.
Oxfam America is a global
organization working to right the wrongs of poverty, hunger, and
injustice. As one of 17 members of the international Oxfam
confederation, we work with people in more than 90 countries to create
lasting solutions. Oxfam saves lives, develops long-term solutions to
poverty, and campaigns for social change.
The Inter-American
Dialogue is the leading U.S. center for policy analysis, exchange, and
communication on issues in Western Hemisphere affairs. It seeks to build
cooperation among nations and advance an agenda of democratic
governance, social equity, and economic growth.
Salah Donyale, Minneapolis/MN.
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