Africa Could Gain $89 Billion Annually By Curbing Illicit Financial Flows – New Unctad Report
Geneva, 23 September 2020 – Curbing capital flight and illicit financial flows in Africa could generate new funds to respond to the COVID-19 crisis on the continent, says UNCTAD’s Economic Development in Africa Report 2020 to be launched on 28 September.
The UN estimates that African countries will need to raise at least $200 billion to cope with the socioeconomic costs of the COVID-19 pandemic, in addition to emergency health spending.
The new UNCTAD report estimates that $88.6 billion per year leaves the continent in the form of illicit capital flight, which is wealth sent and held abroad. Keeping these funds on the continent can boost the COVID-19 response and build the resilience of African economies going forward.
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