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Africa could gain $89 billion annually by curbing illicit financial flows – new UNCTAD report

Geneva, Switzerland, 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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