Somali government on Monday inked an agreement on petroleum sector with delegates from World Bank.
The country in the final preparation to replace the worn out Somali Shilling for the first time since the fall of the central government led by late Mohamed Mohamed Siyad Barre in 1990s.
Minister for Finance, Abdirahman Duale Baileh and the officials from the Bank appended their signatures to the deal which help Somali government to overcome the challenges on petroleum sector.
Baileh termed the agreement as crucial one saying it will help an governance of Petroleum sector.
“Happy to have signed with World Bank an agreement to support the inclusive governance of the petroleum sector for the benefit of all Somalis,” said Beileh in a twitter post.
New banknotes
The international financial institution also helps to get new currency with a security feature to replace remaining manipulated note, 1000 shilling.
On Saturday, the government released the possible design of the soon-be-printed banknotes.
The samples displayed were 5,000 and 10,000 which are among the denomination in the new currency.
“I made clear during the monthly presentation yesterday (Saturday) that the below is one of the possible designs of our future currency & NOT the FINAL one. The final design will be released by @CBSsomalia once the consultation is completed. We are all excited by this process but we mustn’t rush it,” said the minister in a post on Saturday.
The government struggles to secure 41 million USD to print the money.
Last year, the Central Bank Governor Bashir Isse Ali said the Bank and its affiliate agencies were in the process of coming up with the notes which would make it difficult for criminals to reproduce.
“The Central Bank and related agencies are now in the process of coming up with the notes with security features which will not be vulnerable to counterfeit,” Ali said in mid last year.
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