Iyabo Masha speaks on a wide range of issues such as illicit financial flows ... trade, and how the G24 is helping developing economies address debt issues.
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So it was founded more than 50 years ago and it has been instrumental in making some of the changes in policies that contributed to better outcomes for developing countries. The whole group accounts for about 80 per cent of the world population and more than 60 per cent of GDP. So it’s a pretty large group.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.
Then the third reason why de-dollarisation is coming up is just a product of digitalisation and technology. With the ongoing advances in technology, in digitalisation, how the payment system has become so digitalised and a lot of different payment solutions available. Countries are also wondering what will be the next step? Is it… are they going to now be able to take advantage of digitalisation and do away with the dollar? So, that’s the context in which de-dollarisation is coming up.
What we have done in our work is to push for some international mechanisms to address these issues, because it’s about both demand and supply. The country where the resource is domiciled is one, and the country where it is being taken illegally is another. So the way we have found it useful is to pursue for reforms of the international tax cooperation mechanism so as to reduce those kinds of flows.
So, in Latin America, they have the PTLAC and Africa, they have ATAP, which is the Africa Tax Administration Forum. So they do a lot to train the tax officers in member countries on how to recognise some of these illicit flows and how to be able to negotiate better for their countries. Many countries have started operating it. I don’t know how far other countries have gone, but beneficial ownership is very important to be able to trace illicit financial flows, to know where it’s going, to know who is behind it.
And many people in those regions were rendered jobless. So it’s probably similar to what is happening in Nigeria, but responses differ. Countries felt that they needed to bring back production to their country. And the way they were doing it was increasing the tariff, because once they increase the tariff, then the price of the export would not be competitive, and then production will start.
Now, the other type of problem, the other side of the coin, is countries that do not have good fundamentals. Maybe their production capacity is very weak; they are not producing much domestically; they are not running a rule-based monetary system, in which case their monetary policy is very loose. And on top of that, maybe they have a very huge debt portfolio.
So those are the main areas in which we see that if these are implemented, then it means that there will be, I mean, at least there will be more capital on the table. Then it’s now for the banks to lend this money out for global public goods.
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