Debt Crisis & Illicit Financial Flows

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This GPW Round Up #1, entitled “The Debt Crisis and Illicit Financial Flows” looks at the UN Secretary-General’s proposals in his report Our Common Agenda to address this crisis, starting with a Biennial Summit between the G20, ECOSOC and IFIs, and asks “Does Our Common Agenda provide solutions?”

At a time when Africa has lost US$ 1 trillion over 50 years to IFFs, more than it has received in development assistance, the Round Up features Member State statements on the nature and scale of the crisis, and their demands for the UN to take charge of resolving it. Mali speaking on behalf of the Africa Group is particularly critical of the proposed Summit, pointing to its lack of inclusiveness and apparent limited mandate, saying transparency is not enough. Ethiopia echoes this, commenting that IFFs are being used to “wage wars and destabilize Africa”. Morocco on behalf of the Arab Group also raises doubts about the Summit and emphasizes that deliberations on the proposed international tax structure must be undertaken in consultation with Member States.

The CSO FfD group goes further, calling for shifting the centre of economic governance so that UN is at the centre, a position South Africa also embraced. This Round Up, like future ones, includes links to relevant chapters of Our Common Agenda as well as video links to the debate on Cluster 2, called “Accelerating the SDGs through sustainable financing and building trust”.

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