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Every year, US$88.6 billion leaves Africa in the form of illicit capital flight according to the 2020 report of the United Nations Conference on Trade and Development (UNCTAD).
Countries are losing a total of over $427 billion in tax each year to international corporate tax abuse and private tax evasion, costing countries altogether the equivalent of nearly 34 million nurses’ annual salaries every year – or one nurse’s annual salary every second.
The Transnational Institute sets out ten proposals to mobilise resources to cover the cost of the global COVID-19 pandemic and to pay for the transition away from the fossil fuel economy.
Over 1,000 health professionals from 66 countries have signed a letter urging the G20 to cancel the debt of developing countries, ahead of an extraordinary G20 Finance Ministers meeting.
As the World Bank and IMF sound the alarm on debts driven sky high by Covid-19 in some of the world’s poorest nations, debt ‘relief’ will not cut it – we need a thoroughgoing transformation of the global economy. By Nick Dearden for the New Internationalist.
