Like political campaign contributions, today’s self-interested foreign aid often supports badly-designed development projects, imposes foreign investor-friendly policies on recipient countries, facilitates access to intended beneficiaries’ resources, helps aid-giving countries to look good on the world stage, all the while making unquestioning taxpayers in aid giving countries feel good about their supposed generosity.
Mugabe surrendered Zimbabweans’ US$2.76 billion to multinational corporations through “illicit financial flows”
An eye-opening report released by the Washington, D.C.-based Global Financial Integrity in December 2015 reveals an inconvenient truth: Between 2004 and 2013, Robert Mugabe’s Zimbabwe lost a staggering US$2.76 billion to multinational corporations through “illicit financial flows”.
Facebook co-founder and CEO Mark Zuckerberg and other tech billionaires are creating a quintessential philanthropy for the 21st century. For example, they aren’t interested in old-school philanthropic galas and endowing their alma mater.
UN peacekeepers were directly responsible for the 2010 cholera outbreak that claimed the lives of more than 9,000 people in Haiti. Before leaving office in December, former UN Sec-General Ban Ki-moon finally admitted “moral” responsibility.
Africa’s tax avoidance crackdown nets US$260m as continent loses billions to “illicit financial flows”
There is nothing to celebrate about the US$260 million Africa recently netted by cracking down on tax avoidance. The figure pales in comparison to the billions the continent losses to “illicit financial flows” every year thanks to corporate tax avoidance by multinational corporations, corruption by African officials, and African countries’ weak audit capacities.