Denis Opudo
The flow of money in any country plays a significant role in its economic development. The speed or duration at which money remittance happens in a given country is vital to its economy. Money remittance took center stage at the World’s Economic Forum. The 2018 Forum ran from 23rd to 26 January, and it took place in Davos Switzerland. This was the 48th forum, and its theme was ‘Creating a Shared Future in a Fractured World.’ East Africa had the lions share during the discussions at the forum. Money remittance from the diaspora to the countries in East Africa is vital for the economy.
The forum brought together international business and political leaders. In the meeting, they discussed the global economy, politics and social issues. This year’s meeting gave the center stage to the money remittance. Money remittance is the main source of currency into the East African economies. The forum realized the importance of the support of international communities. This was mostly directed to East Africa. The Somali diaspora and Somali were seen as the countries of much need. The region has undergone many years of instability. Therefore, the instabilities affected their economy.
Dahabshiil is a money transfer company. The company aims at incorporating the use of technology in all the sectors. Meanwhile, the technology will help Africa to gain more economic development. The success in economic development in Africa is of much importance to the whole globe. Therefore, it calls for international partnership develops global knowhow on remittance. This will help in fighting poverty, displacement, and instability.
There is a Global Compact for Safe, Orderly and Regular Migration which will be put to use in 2018. UN and World Bank will facilitate the program. The Somali private sector played an important role in it is economic development. This comes amid of many challenges in Somalia.
