'Draining development'
by Menelaos Agaloglou
Summary:
Illicit outflows of capital from Africa seriously harm the efforts for poverty
reduction. It hampers both public and private investment and hence job creation,
infrastructure and industrial development.
These outflows also reduce tax revenues that could be used for education and
health; they drain hard currency reserves, thus encouraging poor countries to
borrow money from abroad and worsening their debt burdens.
It is the poor who pay for these flows through high levels of unemployment and
increased inflation, which affects them more. Illicit flows increase inequality
that can lead to political tensions and further poverty.
Whether one views the problem either as an economic or a political one, the
burden is placed on the African countries to solve these and other problems
through their own efforts.
You may read the full text version of this article at:
http://naiforum.org/2014/12/draining-development/
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