Former Connecticut Congressman Toby Moffett has been hired by the Central Bank of Somalia to lead its effort to recoup funds frozen in U.S. banks following the collapse of its government in 1991 and ensuing chaos.

Various warlords ruled the country until the restoration of a central government in Mogadishu last year under President Hassan Sheikh Mohamud, which was recognized by the U.S.

The Wall Street Journal reported today that a dramatic decline in privacy off Somalia’s coast could stimulate economic growth in Somalia.

"Somalia could start to redevelop some of its wrecked harbors and fishing fleets, and redirect some of the millions of dollars spent each year to protect ships delivering goods to the country," reported the WSJ.

The CBS, according to Moffett's engagement letter, has put a "high priority on engaging the international institutions as well as the Federal Reserve System to fully restore our relationship with them."

Abdusalam Omer, governor of the CBS, plans to be in Washington later this month for the annual spring meeting of the IMF.