Establishments of viable independent financial institutions the precursor to economic development, observes the President as he opens the meeting
By M.A. Egge
The President H.E. Musa Bihi Abdi emphasized the stepping up of efforts to help boost the fledgling of independent and private financial sectors to prosper since it is the precursor to economic development.
He gave the sentiments as he opened an unprecedented major financial institutions promotion conference in Hargeisa yesterday.
The two day conference that is expected to end today Sunday 23rd June 2019, has its main theme as “Promoting Banking and Financial Sector: Connecting People to Banking and Financial Services”.
This is the first time that such a summit is hosted in the country to front a unique dais that would aid in the collation or exchanging of knowledge pertaining to the financial sector as concerns insurance, banking, and financial technologies that draws the players of the industry.
The Head of State hailed the conveners of the conference for the facilitation of the assembly which brought together the who-is-who in the financial industry in the country as far as both institutions and personalities are concerned.
The Treasury and the Central Bank collaborated in the convening of the conference.
The President pledged the support of the government at all times in bolstering, developing, coordinating and promoting the financial sector as per cue.
He emphasized the stepping up efforts of help the independent and private financial sectors to fledge since it is the precursor to financial development.
“We believe that prosperity in the economic sector can chiefly be realized when ample viable independent financial institutions are established in the country,” said the President.
He said that the Central Bank of the nation has the heavy and onerous burden to regulate and coordinate the financial institutions operating within the country.
He noted that it was imperative that job creation be realized for the development of the nation hence diligence and responsibility is indispensible.
He appealed to the financial industry to boost micro financing such that the populace may have their standards of life lifted.
He called for the formulation, collating, establishing and perfecting of the legal policies for the sector to make it inducive and friendly for investiture.
The President took time to make an impromptu visit to the city centre whereby he visited and talked to street money changers.
The hilarious members of public who flocked to have a glimpse at him had the chance to listen, to some people who decried inflation saying that the rate did not correspond to the costs of basic foodstuffs despite the local currency having gained against the foreign ones, beseeching the President to intervene.