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Telesom Dahabshiil
Published On: Sun, Jul 5th, 2020

Djibouti’s sovereign fund will be used to launder money from arms trafficking, drugs and terrorism

Washington, D.C ,(ANN)-According to International Monetary Fund (IMF), sovereign funds are neither public pension funds nor cash or liquidity reserve. They are investments fund owned by States and funded with the surplus of the economic prosperity of the country. Objectives are to grow this surplus and use the revenue they generate in the long run. For several reasons sovereign fund create fears.

Papa Mamadou M’Baye, Adresse: Sipres 1, Villa 31 à 33, Grand Yoff, Dakar, BP: 4935 Dakar République du Sénégal.

Hermin Anicet Hologan – partner chez Ernst&Young. Adresse: 6 More London Place, London, England, SE1 2DA.

Leila Bouamatou, directrice de la banque de Mauritanie. Adresse: 6, avenue de l’Indépendance B.P. 5558 – Nouakchott Tél. : (+222) 45 25 36 36 Fax : (+222) 45 25 46 47 E-mail : dco@gbm-mr.com.

Silvain Erit Makaya, directeur Associé/partner du fonds d »investissement Idinvest Parterns. Adresse 117, avenue des Champs-Élysées 75008 Paris Tel. : +33 (0) 1 58 18 56 56 Fax : +33 (0) 1 58 18 56 89 contact@idinvest.com

 

Sir, Madame

 

According to International Monetary Fund (IMF), sovereign funds are neither public pension funds nor cash or liquidity reserve. They are investments fund owned by States and funded with the surplus of the economic prosperity of the country. Objectives are to grow this surplus and use the revenue they generate in the long run. For several reasons sovereign fund create fears. Some of them are opaque and lack transparency. Others are used for political gains. The opacity of the strategies and lack of transparency alarmed the IMF. Therefore the IMF set the ethical rules for good practices regarding the sovereign fund in October 2008. Generally accepted principles and practices or GAPP put in place by IMF serve as guidance for sovereign fund. Among those rules are:

 

Deep analyse of  those fund that helps IMF to fully comprehend and follow the objectives of investments and practices in terms of risks management

proper channels of communication

etc.

 

Those sovereign funds are concentrated in south East Asian and Arab gulf countries which export oil. These countries definitely enjoy a sound and health economies. In Africa, the 13 most important sovereign funds are owned by countries that export oil and mineral resources. But in Djibouti case all economic signals are in red. External debt is around 80% of its GDP, unemployment is 40% of active population and extreme poverty is estimated about 50% of the population, and finally the risks of solvability of Djibouti is too high. We know also that the commercial deficit is too much and Djibouti heavily rely on foreign debt for all development projects. So, in this case we are wondering where Djibouti sovereign funds will come from.

 

The president of Djibouti is the Godfather of mafia operating in Djibouti and Somalia and controlling arms trafficking, drugs and money laundering. This local mafia works with the terrorists organisations such as al-shabab and Somali daech.

Al-shabab annual revenue is estimated between 30 and 50 million USD. Al-shabab leaders hold Djibouti passports and their financial resources transit in Djibouti for laundering by using local mafia services and networking.

Another case is the company named Ivory jet owned by the daughter of president Guelleh called Fatouma-awo. Ivory jet was established with the misappropriated public money and this company was lately involved to the drugs network between South America and West Africa better known as Highway 10. Sadly, Djibouti was the platform for money laundering for Highway 10.

 

In conclusion we think the Djibouti sovereign funds will be funded by dirty money coming from arms trafficking, terrorist’s organisation such as Al-Shabab and Highway 10. And ultimately you will be used as guarantors for international credibility regarding future foreign investments. We know for sure that establishment of Djibouti sovereign funds is just another gateway for money laundering.

By Mr. HASSAN CHER HARED

Source: https://www.hch24.com/terrorismes-trafics/

 

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About the Author

- Arraale Mohamoud Jaama Freelance Journalist and Human Rights Activist Arraale, is a 20 year experience as a professional Journalist and human rights activist Over the years, worked for the major News Papers in Somaliland as a reporter, editor and contributor. 2008 established website Araweelo News Network, he currently runs a web site based in Somaliland. who is the specializes in the investigation and reporting on issues relating to human rights, democracy, and good governance. contact: Info@araweelonews.com jaamac132@gmail.com Send an SMS or MMS to + 252 63 442 5380 WhatsApp + 252 65 910 7347.

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Araweelo is an Associated Network News, The most trusted source for news & Political,investigator report,Human Rights Issues,Educations,Social and Democracy ,Latest News Horn of Africa. runs Arraale Mohamoud Jama Freelance Journalist and Human Rights Activist based in Somaliland.

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