Africa is losing $88.6 billion that could be put toward locally-led development, experts say — here's how
Why It Matters
While domestic resource mobilization has been a long-time priority for African nations, the urgency of the pandemic added to the list of spending needs and slowed down the region’s efforts.
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Africa loses $88.6 billion annually according to a United Nations report from 2020. Funds that could be used towards local climate, poverty reduction, and food security initiatives are, unfortunately, evaporating because of tax evasion.
The report states that because of activities like illegal trade, and avoiding tariffs and taxes, large corporations take money away that African governments could use for social programming and infrastructure. A Brookings Institute report states that these billions of d
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