Brief About the IFFs 2021 Theme
Before the Covid-19 pandemic, countries were already vulnerable to IFFs. The scale of IFFs increased during the Covid-19 era as countries shifted their focus to fight the spread of the virus and turned a blind eye to fighting IFFs. IFFs have been exacerbated through mineral resources smuggling and also due to an increase in corruption in the procurement of Covid-19 equipment and drugs. IFFs have also increased countries vulnerabilities to borrow as a source of financing development needs. It is estimated that countries will plunge into debt distress as they had to seek extra funds to cope with the pandemic. To deal with the effects of Covid-19 countries are vying for debt restructuring and moratoriums under the G20 debt relief mechanism and also accessing Special Drawing Rights from the IMF. During the 2021 IFF conference, there shall be a discussion on the vulnerabilities that have been imposed by the Covid-19 pandemic and how countries should come up with strategies to recover from the adverse impacts of the pandemic. These discussions will include issues of corruption, mineral resources smuggling and government procurement and focus on other emerging trends perpetuating IFFs and debt distress such as loan securitisation.
Concept Note
The African Forum and Network on Debt and Development (AFRODAD) will host annual conference on Illicit Financial Flows (IFF) between the 22nd and 25th of March 2021. The conference convened by AFRODAD and its partners seeks to explore and to suggest lasting solutions to the problem of IFFs and Debt in Africa. This year’s Conference is being held against the backdrop of a global health pandemic that has evolved into a full-scale health, economic and social crisis that threatens to reverse gains made in poverty and inequality reduction in the past decades. The theme of the conference: “IFFs and Debt in Africa within the Covid-19 Pandemic” will examine how the global pandemic has again exposed the vulnerabilities of the international financial architecture to unexpected shocks which can worsen the already high incidence of IFF and the looming debt crisis African countries are faced with.
Here is the full concept note.
Stop the Bleeding Campaign
Behind the Stop The Bleeding campaign (STB) is the strong belief in the voices of mobilized students, trade unions, faith based organisations and other grassroots social movements to urge decision makers to stop the bleeding of Africa’s resources through illicit outflows. Africa loses USD 50 billion each year through illicit financial activities of multinational companies and rich individuals. Read more about the STB campaign.