EGS-JHD on PFDJ's “Eritrea Investment Conference”

Eritrean Global Solidarity for Justice, Human Rights & Democracy (EGS-JHD)

1929 Ellis Avenue Bronx, NY 10472 *Tel 1-202 - 670-4EGS (347)

Office of Executives


Ref: E12-08-071



Press Statement:

Office of Media & Public Relations

Washington, DC

7 August 2012 10:02 PM

On August 4, 2012 the Eritrean government announced its plan to hold the so-called “Eritrea Investment Conference” on August 27-28, 2012 in Asmara. The targeted investors are Diaspora Eritreans as well as those inside the country.

EGS goes on the record strongly discouraging Diaspora Eritreans not to buy into this ploy. Past experiences have amply demonstrated the untrustworthiness of the government when it comes to all kinds of promises. As the saying goes: Fool me once, shame on you, fool me twice, shame on me- we ask our compatriots to review past experiences and be very prudent with their hard earned savings.

A government that does not issue yearly budget report, has no transparent audit process and is not based on constitutional restraints cannot be trusted to manage citizen’s investment under the monopolistic PFDJ enterprises. This is a government that you can neither trust nor verify its promises. The illegal way it collected millions of dollars from The Diaspora during the so-called Badme war and the subterfuge manner it try to manipulate the honest citizens who had trusted the government’s rhetoric on Bond reclamation should be a fresh reminder of the previous betrayal.

The extended agony and painful experience of those who got entangled with the regime’s plan to buy or build a home in Eritrea must be an example that remind us that the smoke and mirror game orchestrated by the PFDJ and its various financial vultures who do not miss any opportunity to rip of the people’s money by equating their narrow organizational and class interest over that of the citizens economic welfare.

The root cause of this urgently concocted “investment conference” is the desperate search for foreign exchange. The fact that Eritrean regime has not been able to guarantee regular light to the capital city is directly related with its shortage of dollar to pay its contractual obligation.

Contrary to the consistent and outright deception and propaganda of TV- Eri to paint the Eritrean economy healthy, the reality on the ground is diametrically opposed to the highly paint brushed glossy presentation. The economy’s trajectory is on a free fall direction. Any amount of machination or conspiracy designed to use residual nationalistic rhetoric to plunder the meager savings of the Eritrean Diaspora will fall short of its goal.

The Diaspora Eritrea both on the basis of its own genuine financial self-interest and to curtail its role as source of foreign exchange and bank roller of the regime must use this opportunity to resoundingly repudiate and refuse to participate in the so-called conference.

EGS appeals to all Eritreans to not turn over your hard earned money to the untrustworthy government. We strongly encourage you to Say No to the whole idea of financially cooperating with unelected and unaccountable government. We believe that you are a better manager of your own finance, investment and retirement fund.

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