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.
Journalists with access to the UNCTAD virtual newsroom may download the press release and the new UNCTAD report.
Access to the virtual newsroom requires a password. To obtain one, please fill out this online form.
After the lifting of the embargo, documents related to the report will be available on the main UNCTAD website.
For further information or to request interviews with UNCTAD experts, please contact the UNCTAD Press Office (+41 22 917 5549/8038, + 41 79 502 43 11 or firstname.lastname@example.org).