Financial development is the basis of every country development when ever we talk about the developing countries of the world. Every body must say their financial strength is one of the factors for their decreased development with out financial heath of the country. It is unable for any government to put forward the development plans which after words brings good results in the financial heath of the country.There are so many countries in the world to talk here Africa is one of them where the financial position is very low also some other countries like Sudan, Somalia, and many more who are just at the developing countries list. One of the main things in increasing the financial growth of any country is the economic growth through globalization of capital and the cross border trade. Trading with such countries and provision of foreign aid to such countries which are low in financial position in the view of USA government is the basis for their development that’s why today more work done for increasing the financial heath of the low developing countries.
In the year 1980s and 1990s, it was noted that due to some reasons the financial development in many countries remains low because of the financial markets crisis. These crises were due to the changes in investments and due to the government crisis in those countries and the lack of international standard financial institutions that are capable of attracting more investment opportunities from the foreign investors. For increasing the growth of economy, foreign investment in the country plays a major role.
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Due to the increase of foreign investment the export position increases or in other words low financial position is due to the low banking and financial standards in the country. Going to talk about the financial health of Africa as an example as every body knows the financial development of Africa is very low as compare to the developed countries of the world, but now the developed countries are playing a good role to develop such countries as Africa to put forward the development plans they have provided foreign aid to such countries in order to full fill the development plans and open the routes of trade.
Third World Countries, Why they are in List of third World?
Third world countries as the name says are those countries which are low in economic growth and the less developed countries of the world during the French revolution. The French demographer Alfred Sauvy named these countries as the third estate because these countries are in the list of those countries which are not of high technologies and less industrialized, like the other countries of the world. The reason behind is such lack of financial growth is the lack of funds.
“The concept of the "Third World" developed after the Bandung Conference of Colored people in 1955; a conference greatly influenced by Communist China and after it began feuding with Russia (The Sino-Soviety Split). Its main idea was that a third power bloc had to be created that would be distinct from the capitalist, industrial world (First World) and the Communist, Industrial world (Second World). The French Economist Alfred Sauvy popularized the term "Third World" to refer to these countries. "Third World" was also used in the West to refer to countries receiving foreign aid”.
The third world countries are low developed countries in the world because of:
· There low gross national product,
· Poverty reasons,
· In terms of human development,
· In terms of press freedom,
· The lack of financial institutions,
· Lack of foreign investments.
List of third world countries includes many countries in which large number of countries belongs to the continent Africa
· Malawi Eastern Africa
· Somalia Eastern Africa
· Congo Middle Africa
· Liberia Western Africa
· Nigeria Western Africa
· Ethiopia Eastern Africa
· Zambia Eastern Africa
· Afghanistan Central Asia
· Eritrea Eastern Africa
Because of the low financial development issue basically regarding to the countries of Africa, which are east west and in middle Africa so it is important to talk about the country in Africa.
Somalia …Country in Eastern Africa
Somalia which is situated in the eastern part of Africa a country which is not to be own by the basis of government as which is in the other developed countries of the world. The country’s borders are also to those which are also included in the less developed countries of the world, the development related to the financial growth of the country is so low as it has been seen that there were fight existed for many years in the country which didn’t brought any government and made the country low in every financial step.
Because of no government and management powers the country has not the idea of trade finance government rules institutions for investments and so on. The country has been the living place for many ethnic group in past but the large number of people n the country were not belong to Somalia French British and Italians were also came to Somalia in the 19th century.
However it is to say that the 1880s period for Somalia was taken as the good period for development. After the entrance of Italians and British people there the claims on the land started in this regard first claim was given by the British as the British Somalia land in 1886. After words the other part of the land in southern area claimed by the Italians as the Italian Somalia land after the second world war the British Somalia land become independent and again the proclamation was given in the 26th June 1960. After words there were many claims on the country's land had been taken place which from the very starting put Somalia’s development at the back.
After the whole fighting about different claims by many countries on Somalia and the internal war a regional government was formed there this was not in strong financial condition an earth quake, which arose in the Indian Ocean and followed Somalia too. This was the natural disaster of 2004 and due to tsunami large numbers of people namely 300 were killed and many of the villages were destroyed. In the year 2006 the civil war begins in Somalia, which has stopped the large number of development in the country.
Somalia became the victim of earth quakes and different diseases like aids and hunger in times of civil war and child mortality are the reasons which left the country too far away from the developed countries of the world. Because of these so many reasons the financial health of the country is still not in the position to define however the developed countries of the world are playing great role in increasing the financial development in the country, but the think lacking is the natural aid also they have lack of so many resources to develop the country.
Financial Development in Somalia
Due to war and hunger problems it is hard for any one to note down the financial growth o f the economy in 2005 the GDP growth was 2.4% in Somalia which was estimated by CIA. Main exports items belong to live stocks, which are bananas sugar maize fish and sorghum and the small industry of Somalia based on the agricultural products.
Private Sector Development in Somalia
The private sector development in Somalia is so hard to explain it was so worse in past but now it is to say that it is getting developed day by day. The private sector development includes business policies, the financial sector policies and institutional policies, but the thing which is required is the skilled people who are able to put forward such development policies and convert them in the basic development of the country. The basic idea of private sector is to develop the relationship of the country with other countries of the world. It includes:
l The relationship development good relations with the neighbor countries in order to increase the export import conditions.
l Attracting the foreign investors to make investments in huge amounts to the country which will ultimately results in the development of the country
l The association formed which is the Somali foundation services association the private sector includes the responsibilities to increase the development of this association in order to increase the business issues and development of business plans with the other business companies out side the country also.
Development of Banking Sector
l The private sector is working to form a firm which is capable of doing the work of central bank development the development of central banking in the country policies of the bank guidelines the rules and regulations of the bank the provision of funds and bills for the allocation o small businesses there advancement and the increase of organizational structure of central bank dealing with the problems of financial and accounting controls the private sector is monitoring the role of central bank by the appointed firm.
l Because of fisheries livestock’s are the basic items of export so the private sector is getting developed to increase the development of these sectors in order to make bounce in exports and the financial health of the country.
l The private sector is now developing such institutions under the government provision of funds for the training of students in the management business finance accounting scientific official works administration works engineering works and medical too. This includes the development of women too, including the women trainees in order to enhance the development of the country every body should play a role otherwise the development would not be with high sense so the development of women in the country is also necessary for the development of the country.
l The private sector is working for the development of the central bank of Somalia and the financial sector too. Training and orientation programs for the workers through which increase and encourage the idea of increasing the financial growth of the small and large business which in future results in the development of economy an financial development of the country.
So it is to say that the private sector development is going on in the country but not with high sense because of lack of capital and other resources the country is developing low but it is expected that the private sector will be strong in future to perform more and big operations.
Somali Institutional and Capacity Development Project
This is the project which is based on the institutional development of Somalia. The lack of institutional and organizational development leads the country with low growth of the financial sector the association is formed for facing the challenges of low institutional developments to raise funds for such institution and increase the organizational structure in the country. The project is made to develop the Somalis human resource management program for this reason the project is made to develop the management training programs for the increase of human development and the increase of administration skills in the human.
In 2006 this project SICAD has achieved many goals related to the institutional development, which were the primary objectives, and the help of this project achieved these in a very smaller period. The increase and advancement of public private relationship this project team is working with the university of Hargesia the project is also working as the team which is capable of evaluating the skills among public and the motivational government health programs in order to make public aware of every disease its danger for health and the cure this working is based on the control of HIV AIDS in Africa.
“The PRSL Program has a two-pronged approach to working towards the reduction of poverty - more upstream, at advocacy for MDGs and poverty analysis/monitoring and, more downstream, at community driven recovery. Human Rights, Peace-Building, Gender, HIV/AIDS are addressed as cross-cutting issues”. (Poverty Reduction and Sustainable Livelihoods(PRSL))
African Development Institute
The African development bank is performing the function as an institute to enhance the training program among the general public the capacity development which includes the development of organization institution the society development in order to increase the role of general public in the making of financial condition better for this reason the bank is performing the function of there is agreement that macroeconomic stability is critical for the growth of financial sector services. “Countries should adopt appropriate macroeconomic policies, encourage competition within the financial sector, and develop a strong and transparent institutional and legal framework for financial sector activities. In particular, there is a need for prudential regulations and supervision, strong creditor rights, and contract enforcement”. (Financial Development in the Middle East and North Africa)
It is to say that the financial sector development is responsible for the development of economy as a whole those changes which are not in the control of any one only the financial sectors brings such changes for the better health of the economy with out such developments it is hard to say that the economy is developed and if the economy is underdeveloped it means the country financial sector is underdeveloped it is not so strong to perform the functions as the financial sector of developed countries of the world. This development for African countries is also very essential like in Somalia because of so many crisis the country's economy development rate is so low as compared to the other countries of the world.
Banking Sector Development in Somalia
As the position of economy in the past years was so worse so one cannot easily judge the banking sector development in Somalia it needs the full concentration on the history of the performance of Somalia national bank which performed the functions of commercial banking system in the past. After the mergers and financial development the Somalia banking sector divided in to two major categories named Somali commercial banks and the Somali savings and credit banks. After this division the Somali national bank controlled its workings to the functions of central bank only.
In the view of international monetary funds, these are the basic things fore the financial sector growth and development.
· Monetary sector
· Regulation of policies
· Non-banking financial sector policies
· Development of institutions
· GDP and GNP measurement tools.
What of the role of the international institutions? Here again, views varied from those who urged the World Bank Group to stay out of Somalia to those who were desperate for aid agencies to come in. Some believed that Somalia needed concessional loans, others that Somalia should never take out a loan again
The lack of private sector development in Somalia is due to the lack of security and law enforcement agencies. There the fights and political instabilities brings so many problems for the banking sector to develop also as the banking sector of every country requires the full concentration on the development of institutions and public awareness programs, but Somalia is lacking in such capabilities the parties conflicts and other conflicts makes the banking sector so weak as the foreign investment is unpleasant in this sector.
The financial institution today requires the large number of financial security from the government and the security for foreign investments. These are lacking in Somalia so no body wants to invest there whose currency rates are low and the economy is less developed. In the view of many peoples the government should work to encourage the development of those sectors, which are associated to public also.
How to Improve Development Strategies?
The thing which wants a complete discussion here is not that how Somalia developed how it survives within the developed countries but the thing is this which one is lacking which thing is important for the development of the country and which is not, which sector of the country needs high development and which sector wants low. The answer to all these questions are in the hands of policy makers in the hands of developed countries of the world, like what has to be done by the united nations for the achievement of development in Somalia?
Somalia is no longer included in the annual United Nations Development Program (UNDP) Human Development Report world ranking. If it were to be included, according to a special report on Somalia, it would sit firmly at the bottom in 175th position, below war-afflicted Sierra Leone:
· Peace and security,
· The stoppages of arm forces to take part in Somalia affairs,
· The capacity enhancement,
· Development of public sector,
· Need of foreign aid to develop Somalia training institutions,
· Food assistance and other aid programs from international community,
· The development of live stock sector,
· Illegal activities control.
These were some of the main things, which need full concentration from the international world to look at. These issues required the attention of developed countries of the world in order to develop Somalia. for any country’s private sector development it is necessary to bring the public sector development for the advancement of economy if one or more then one sector is lacking in development the country’s economy remains at lower position and the country’s financial sector also not developed.
Socio Economic Development of Somalia
United Nations development program to cover the economic policy to develop the economy in this context in the year 2002 World Bank and UNDPS combine’s efforts brings the socio economic survey which is taken from each house hold living in the country. This data which is on the socio economic development of the country is based on the analysis of most of the economy gaps and the need of resources through of the country. The view of making such efforts were to brought forward the financial and investment institution for the socio economic development and the improvement of employment housing and demographic factors.
It includes the things like the participation of women’s in the development of the economy and the role of institutions to increase the training and attraction of foreign investors towards this less developed economy. World Bank monitors whole of the function of collection of data regarding the economy of the country this report brings large number of those things, which are not to be brought up with the help of any other association.
The Socio-Economic Survey 2002 is the first in a series of joint World Bank / UNDP statistical reports. The data collection and statistical capacity building will be further strengthened under the joint World Bank / UNDP re – engagement strategy for Somalia, with the collaboration of other development partners.
These efforts put forward the efforts of women to the Somalia economy that is their participation in different public and private institutions like many women take part in police forces. The United Nations development program was based on the Somalia economy but also on the development of general public there and their participation in every financial and non-financial sector of the economy.
Somali Financial Services Association
The Somali financial services association was formed in December 2003 in London. This conference was held for evaluating the problems regarding every sector of Somalia economy; the conference was attended by the developed countries leaders who then launched the Somalia financial association. The conference discussed the micro and macro faces of the economy. This association worked to support the industrial development in the economy and the needs of setup anywhere in the economy and worked as a team in foreign countries to bring forward the industrialization and investment of the economy. This association also serves as the regulatory body in the absence of government in Somalia.
Foreign Aid and Somalia
Due to the loss of large development programs in the past whose main reasons were the failure of development due to the internal fighting in the country that made Somalia the less developed country. In the day of 1970s to 1990s Somalia had passed up the years of hunger which was up to that extent that no body could think of living in Somalia the problem of hunger aroused in the economy.
Due to internal crisis and these crises were spread up to that limit in which many children’s and women’s were killed due to the lack of food support, many disease broke up in the country aids HIV hyper Titus, the people were not had such programs then or the resources to protect themselves from these problems. After that worse condition out side world provides the financial assistance in the form of foreign aid to this country, this foreign aid was given by the developed countries of the world aim was to protect the life of people there.
Large amount of foreign aid provided by the United Nations and the other developed economy, this foreign aid after the large efforts covered the food problem in Somalia but not that loss of lives and loss to the economy which occurred in those worse days. For this reason many foreign aid offices were established in African countries in Somalia Ethiopia and many other small countries the purpose of making such foreign aid offices were the provision of food and shelter for the people of Somalia.
These are playing the role of emergency relief camps. in this role there are so many countries of the world who plays a very great role in the removal of hunger from Somalia these countries includes united kingdom united stats of America Pakistan Russia Germany and so many other countries of the world provided food and forces as the way of supply of food assistance. The German humanitarian agency called diakonie played an important role in the provision of aid to Somalia people they provided the aid of 100,000 Euro in order to get rid of food problem in Somalia. The United Nations refugee’s agency provided the 750,000 Euro to Somalia.
Somalia Aid Coordination Body
It is the Somalia aid coordination body that is formed by the United Nations agencies individuals who provided funds for the development and removal of hunger from Somalia and NGOs. In these donors the United Nations organization is one of the main donors of funds in order to get peace in Somalia. The funds were provided and still providing to Somalia for the rural development the development of country trade that is the country truly based on the live stocks and the agricultural products that’s why the United Nations efforts were comprises of the advancement of such programs through the supply of funds, which make the financial problem limited.
After the several efforts made by different big countries of the world there were too much protection to the public was given and the problem of food was removed through the help of developed countries of the world. One of the major thing which is important for any country’s development is the investment so the united nations agencies work to provide the financial assistance in the form of increase in investment policies also. European Union played a very important role in making the financial position of Somalia and efforts to form the structure of the country like the other developing countries one the example of their effort is the city Berbera.
In the year 2007 the European Union has given 4 million aids to Somalia for the removal of hunger and development programs. Also they have provided funds for the Ethiopia and Kenya, which are situated near the Somalia. Thus the aid was given to African countries by the European Union to improve their financial health.
However as the financial growth of the country always gets better with the role of public in the country and the role of government Somalia was the country which didn’t had the proper governmental system in the past that’s why the country is still lacking in many things as the developed countries of the world there are no such developments in Somalia are made because of the lack of funds even if the European countries and other donor countries have provided a lot but the thing is country’s internal resource lacking which is due to the lack in industrialization and technology with these the training and education programs among public.
Beside these foreign aid providence one more thing which was done by the anti parties in Somalia was the kidnapped of many soldiers from different countries of the world who were providing the assistance to public because of these problems many countries bring back their soldiers from Somalia and their large number of soldiers were also found dead because of this behavior many countries aid stopped in Somalia however now the crisis have been controlled by the European agencies and the forces from other donor countries of the world.
This is horrible news. We are so sad for the aid workers who are helping our people. We will do everything possible, even if it means using force, to release the hostages," Punt land’s interior and security minister Mohamed Abdi told reporters.
The policy was made to resolve the issue of food and shelter among the public. this was the policy which made the emergency workings to get funds from the donor countries for the development programs which includes the provision of education health HIV and aids control livestock’s development food crisis in Nigeria dealing with the victims of south east Asia earth quakes tsunami this is the policy through which the evaluation and allocation of needs are located and the supply of assistance given to those sides in Africa.
The policy explains the poverty effects on the economy and how it can be removed through making different development programs, which brings forward the financial development of the economy. The foreign aid to Somalia was provided from 1960s by the United Nations and still it is working. United Nations provided largest aid to Somalia but some of the Somalis think that the European Union countries have provided large number of aid to Ethiopia but not to Somalia.
Aid Programs for Somalis
This aid program includes various policies and the formation of various agencies for the provision of food to Somalis the international agencies played great role in the provision of aid to Somalis. Somalia is the country which is without the government. The country has no central government system that’s why it is still in the position which it is in the past it is the country of crisis hunger diseases but why it is in this form? Large countries of the world have made so many efforts to reduce the country’s conflicts but they are failed even the people don’t believe on one other the main reason is hunger they are facing lack of resources made them to fight for their survival.
The government in Somalia after the formation was not so happy about the United Nations aid to Somalis. They think that they are not going to help Somalis and they are against Somalis. They want to indulge in the country’s affairs they think that large aids are given to the other countries and Somalia is still in the same condition as it is in the past.
According to the view of Somalia prime minister he said that the United Nations and other European countries have lost their powers over Somalia during the last 15 years of its civil war. Most of the Somalis think that the governments of other countries are providing them the aid in their own interest they are interested in taking part in Somalia’s government and other affairs. Large number of aid controlled by the government agencies in Somalia and the us ambassador reported that the aid had been taken in to control by the government agencies and they wanted to stop the air ways through which the aid is supplied to the public.
Financial Development and Foreign Aid
After so many crises there are some of the objectives which have been taken in to control by the European Union country’s regarding the Somalia development. However, the food crisis removal programs have taken many donations from the developed countries of the world that has broken the other financial development chain of the country. This breakage is due to their internal crisis, the changes in economy has been done but they are in very small amount as still the fight is not under control.
The peoples are distributed among many parties and those parties are not in support of the other countries of Africa like Ethiopia Nigeria Kenya .the financial development program in Somalia needs the assistance from the European union but due to their internal crisis now the European union countries are also not playing that role which they have played in the past, as the financial development needs the making of the financial institution and increase of investment opportunities but this is not possible with out the removal of internal crisis in the country because development always needs unity of ideas about growth of the economy.
Problems Regarding Financial Development
The financial development in Somalia needs too many funds and donations from the outside countries. The developed countries of the world have made efforts to cover the problem but it still exists. Every country’s financial development needs some capital to grow up tin that less developed country like Somalia. There is the lack of industrialization and the new technology too so the development of any sector can easily take much of the time and donations to develop however there is lack of basic needs too.
These are those problems for which no one can go forward with out the solution of them. These problems are associated with the public and government institution the lack of necessities of life how can any country fulfill the need of the public there is only one thing possible the solution of the problem of public issues or the solution of the problem of government issues everything’s cannot be developed by any one at the same time because for any country the financial development needs.
Peace and Prosperity, Security, Government Stability
The country’s development must go forward with such things if these are not present in the economy. It means the development of the economy remains low and the economy remains in the same position as it was in the past development of countries should bring g by the people of country with the cooperation of government with the provision of ways to develop, but unfortunately the less developed countries specially in Africa are the poor countries there people are not in the position to fulfill the desires as they want they live from hand to mouth.
Export and import are the main part of every economy like the other developed countries of the world, which have much export and import in order to go forward. The countries are dependent on their own resources and the developed countries have made so many products from those resources. First thing is this like Somalia and many other poor countries they don’t have such facilities like the foreign investment in the country. The dependency on internal resources as the Somalia export dependent on their agricultural products but they are lacking the skilled force to compete the entire world education is one more problem which is the biggest hurdle in the way of development. To every country’s development knowledge and skills are necessary for development these skills are evaluated from the country’s people.
Social Problems in Somalia
Somalia is the country which has faced many problems in the past. They don’t have much capital to develop any sector of the economy they are lacking of work force skills and new technology why they don’t have such facilities? Answer is the lack of social security and social development country always develop through society development but these things are not present in the less developed countries the societies are not developed in that sense as the highly developed countries people are.
The people of Somalia are as backward as compare to the developed countries of the world and they don’t have enough money to full fill their desires because for m ant y years they lived in hunger and fight they do not know to survive in the open world. They have such problems like health education and security for these reasons they have been suffered from the problems of diseases like HIV and Aids after that the European Union have provided them much donations to cut off these problems.
Economic Growth of Country
This is the essential part, which is placed after the development of society and the development of minds of the people increase in their skills knowledge about different subjects and devotion to work this development of the country needs the development of:
The banking sector development,
Infrastructure of the country,
Development Projects in Somalia
After the problems from many years now with the help of European countries Somalia is capable of making some projects and government is doing some efforts to fulfill these projects these includes:
Development of Farms
For this reason a project is made by the Somalia government with the help of foreign governments. The development of farming in the country as the whole export lies on the agricultural products of the country.
For improving the social health of the country’s people government is now making the project, which is based on the education of public this project t is suggested for Togdheer region of the country.
Put Land Project
Beside the problems of education health is also the other issue of Somalia people so the efforts have been done to remove such problem for this reason government has made the Put Land project which includes the development of infrastructure and the solution of health issues like the provision of clean water to the people and sanitary conditions to protect them from diseases.
Business Sector Development
In the north west of Somalia a project has been made to fulfill the business sector demands like the development of small industry in the country and the development of banking sector too.
As the Somalia people have been suffered from various diseases in the past, which were the killer disease so efforts have been made in order to solve the health solution of the public. This project is based on the development of health of peoples there a project has been launched for Togdheer and Awdal.
Contribution OF W.H.O
The world health organization is making much effort to compete the health issues in the country. It includes the development of people by providing them the awareness about different diseases and their symptoms cure and other related issues. The European Union countries in the past years have made so many efforts in order to reduce the health problems from the country and they are successful to some extent. Now the programs have been introduced for the polio HIV and aids awareness among people.
“Civil war, external intervention, clan conflict and poverty have combined to turn Somalia into a "failed state." Somalia has no central government. Three principal factions (none of which is recognized by the United States as Somalia’s legitimate government) hold sway in separate parts of the country. In addition, numerous warlords continue to vie for dominance at the local level. Hundreds of thousands of Somalis live as refugees in neighboring countries, and many others are internally displaced. The economy is underdeveloped, with drought seriously affecting the country’s pastoral and agricultural base”. (Weak States and Terrorism in Africa: U.S. Policy Options in Somalia)
United States Policy toward Somalia
The United States have played a great role in the removal of many major problems from the Somalia country but still there are some major issues exist there. These made United States to set some priorities and goals to cover the major problems regarding financial development there. Now United Sates have made three goals to develop Somalia which are as under:
Removal of Terrorism in Somalia
Main reason for the economic backwardness is the terrorism there for these reasons no foreign investments have been made there now the united states are making efforts through the help of forces of different develop countries to promote the development by removing the terrorism there by which the country’s private sector should be develop.
The formation of government is main thing for every country development as Somalia has been faced the problem of no central government in the past now the United States and other European states are making the plan to fulfill the goal of government stability and peace in Somalia.
Challenge to Face Internal Crisis
The United States plans include a major goal that is to face the internal fights and crisis of the country and develop the country from high sense to make control over and such internal crisis which are the hurdles in the way of economic development of the country.
Thus from the past this is the country which have faced so many crisis and is still facing but these crisis put the Somalia talking in front of the developed countries of the world who have made a tremendous role for covering the problems there. However, still so many problems exist there but no one can make any thing better if the people living there are not be the support from the donor country. However the United Nations and other agencies from developed countries of the world have provided their forces and much foreign aid to develop the country.
There are so many plans and projects made for the development but these all are under construction, not fill up. However it is to say that these plans will be fulfill too nearer in the future but the main problem which is present in the way of development is the misunderstandings among the general public government and the donor countries, for many years Somalia has faced too much problem of hunger so they are not in a position to develop their country with out developing them selves. Chairman Feingold who is the member of US peace committee said:
“Somalia did not become a "failed state" in a day. Similarly, solving the governance problems that make Somalia an attractive potential home for terrorists will not happen overnight. We have made a start. I am cautiously optimistic that the United States, Somalia’s neighbors and the international community can make a significant contribution to helping the Somali people regain functional government, and that the conditions that make Somalia attractive to terrorists can be overcome”. (Weak States and Terrorism in Africa: U.S. Policy Options in Somalia)
ArabDataNet.com: Country Guide: Somalia: Snapshot
http://www.arabdatanet.com/country/profiles/profile.asp?CtryName=Somalia&CtryAbrv=so&NavTitle=Foreign%20Investment Accessed, May 12, 2007
Financial Development in the Middle East and North Africa
http://www.imf.org/external/pubs/ft/med/2003/eng/creane/index.htm Accessed, May 12, 2007
Poverty Reduction and Sustainable Livelihoods (PRSL)
http://www.so.undp.org/page.asp?id=668 Accessed, May 12, 2007
Somali Institutional Development
http://www.so.undp.org/page.asp?id=662 Accessed, May 12, 2007
SSRN-Banking Development in Somalia by Arnaldo Mauri
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=958442 Accessed, May 12, 2007
Situation Reports: Somalia, UNDP Somalia Quarterly Update - Apr 2004
http://www.reliefweb.int/rw/rwb.nsf/AllDocsByUNID/a5444022715893a785256e7e006d3720 Accessed, May 12, 2007
Weak States and Terrorism in Africa: U.S. Policy Options in Somalia
http://www.state.gov/p/af/rls/rm/7872.htm Accessed, May 12, 2007
World Hunger Notes--The Road to Hell: The Ravaging Effects of Foreign Aid International Charity by Michael Maren
http://www.worldhunger.org/articles/books/maren.htm Accessed, May 12, 2007
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