Somalia: World Bank Says TFG Can't Account for U.S. $130 Million
Mogadishu, Somalia — The World Bank says that funds allocated to the Transitional Federal Government (TFG) of Somalia, have been misused and unaccounted for, Garowe Online reports.
The World Bank report issued at the Somalia conference in Turkey to delegates, says that 83 million US dollars were unaccounted for in 2009 and 50 million US dollars in 2010.
The report who was written by Joakim Gundel, said that the auditors spotted the enormous discrepancies in the revenues collected and reported by the TFG.
"There is a discrepancy in what comes in and there's a lack of accounting of how money has been spent," said Gundel.
According to the report, auditors said that the TFG only reported 11 million US dollars in 2009 after collecting 94 million US dollars. The mismanagement trend only slightly improved in 2010, the TFG collected nearly 70 million dollars and only reported 22 million dollars.
The report which caused a big buzz amongst delegates at the Somalia conference in Istanbul shined a light on the mismanagement of funds allocated to the TFG for the 2009 and 2010 year.
Analysts say that if the money was properly allocated to begin with, that substantial military and political progress could have been achieved in the TFG's sluggish 3 years.
At the Somalia conference in Istanbul delegates agreed to an international board to oversee the funds allocated to Somalia. TFG President Shairf Sheikh Ahmed, who assumed office in 2009, welcomed the report and the board despite analysts saying that the mismanagement stems all the way to the top.
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