Zimbabwe loses $4 billion through illicit flows

Although Zimbabwe was experiencing its worst decade between 2000 and 2009 with its economy shrinking by 40 percent, the country lost US$4 billion during that period through illicit flows according to a report just released by Global Financial Integrity.

The report says developing countries lost US$7.2 trillion through illicit flows during that decade with China topping the list. It lost nearly US$2.5 trillion.

Most of the losses were through trade mispricing which includes under-invoicing.

Developing countries lost between US$775 billion and US$903 billion in 2009 alone but this was a drastic improvement from the previous year where they had lost more than US$1 trillion.

But Zimbabwe was better off than its neighbours. South Africa lost a staggering US$59.4 billion, Angola US$16.7 billion and BotswanaUS$7 billion.

Nigeria topped the list among African countries with a cumulative loss of US$158.3 billion.

Here is the full report.

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