Puntland is being stalled by our governance and legal frameworks being weak. We can not access foreign private banks if our nation governance/legal systems are weak and not certified by the IMF and other monetary agencies. Each country is given a credit rating and this highly depends on how well we service our loans which all depends on how well our government operates and how strong our government system is. Without a strong rule of law, good governance, we will be considered risky territories for banks to lend too. No bank will lend to a place when you give them the money it hits multiple individual pockets, it's like burning money.
The foreign banks don't mind lending for 'asset' development like roads, ports, electricity, and factory investments because that is hard assets they own till you pay your loan off. It's like a house, banks give you money to buy a house because it's an asset they can own till you pay your mortgage off, they can repossess it and sell it if you don't pay it off. It's a safe loan for them. They can do the same with your roads, electricity plants, ports, airports and hard infrastructure also if you fail to pay it off.
Can anyone in here from Puntland who has actually been there, tell me how good or bad the governance is? Can you escape the law by paying the right people? can you use clan ties to do what you want in terms of getting a job? what happens in the court process if you break the law? is there a legal code or is it dependent on who you are?
What happens with the local taxes. If your collecting 2-5 million a month from the port and all business-men plus residents are paying their taxes in the state, where is this money going? What is the monthly expenses of Puntland government in all honesty each month after govt workers, cops, military, and institutions are paid? This is where PL will be judged on it's governance, if you can't manage what you have now, noone in their right mind is going to dump more money from overseas into it and watch it also get lost in multiple hands.
Every president that is elected says he will fight corruption, but at the end of each presidency nothing has changed. So this must not be a government problem, it must be a cultural problem. Is everyone corrupt as hell from cleaner to minister and all in between?
The foreign banks don't mind lending for 'asset' development like roads, ports, electricity, and factory investments because that is hard assets they own till you pay your loan off. It's like a house, banks give you money to buy a house because it's an asset they can own till you pay your mortgage off, they can repossess it and sell it if you don't pay it off. It's a safe loan for them. They can do the same with your roads, electricity plants, ports, airports and hard infrastructure also if you fail to pay it off.
Can anyone in here from Puntland who has actually been there, tell me how good or bad the governance is? Can you escape the law by paying the right people? can you use clan ties to do what you want in terms of getting a job? what happens in the court process if you break the law? is there a legal code or is it dependent on who you are?
What happens with the local taxes. If your collecting 2-5 million a month from the port and all business-men plus residents are paying their taxes in the state, where is this money going? What is the monthly expenses of Puntland government in all honesty each month after govt workers, cops, military, and institutions are paid? This is where PL will be judged on it's governance, if you can't manage what you have now, noone in their right mind is going to dump more money from overseas into it and watch it also get lost in multiple hands.
Every president that is elected says he will fight corruption, but at the end of each presidency nothing has changed. So this must not be a government problem, it must be a cultural problem. Is everyone corrupt as hell from cleaner to minister and all in between?
