[Thread] A few ppl have asked me @PennyMordaunt tweet "Money lost from Africa in illicit flows & corruption is estimated to be more than the world’s combined aid spending & lending for that continent. Just think what that money could do!" Is it true?https://twitter.com/PennyMordaunt/status/1035784059258109952 …
I said it's not *not* true. The statement is accurate as a representation of existing estimates, but is not meaningful for the reasons I explain.
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I'll just go way out on a limb here and assert that 1) Errors and omissions in Equatorial Guinea's national accounts are larger than aid they receive; 2) These numbers are knowable; 3) The process can be repeated for other SSA countries.
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Yes. This is what GFI publish in their reports as 'hot money flows' (although the main thing they calculate is is mismatches in trade data) The extent to which either really measures IFFs is an open question.
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the estimates are sketchy & comparison with aid is not meaningful. On the other
crime & corruption are real & big: it is certainly right for the UK to act to prevent IFFs & return assets. Does it matter that these
s don't mean much? (2/)