Dar loses 3tri/- yearly through capital flight

Mr Zitto KabweThe Chairman of the Parliamentary Public Accounts Committee, Mr Zitto Kabwe, has stated that Tanzania loses over 3.2 trillion (US$ 2 billion) every year through the notorious racket of illicit money transfers.

Mr Kabwe (pictured) also added that Africa loses over 700 billion US dollars every year, through illicit money outflow and according to official figures, the lost amount is ten-times more than what the continent receives from aid and Direct Foreign Investments (DFIs).

The PAC Chairman was speaking at the ongoing 10th Annual Conference and General Meeting of Southern Africa Development Community Organisation of Public Accounts Committees (SADCOPAC), which the Prime Minister, Mr Mizengo Pinda is expected to officially open today on behalf of President Jakaya Kikwete.

“Aid money from the development partners, being channelled into the African continent every year is equivalent to 37 billion US dollars, while the value of total DFIs into the continent adds another 40 billion US dollars,” revealed Mr Kabwe.

The Kigoma-North Member of Parliament, pointed out that while Africa gets a total of 77 billion US dollars from abroad, the continent on the other hand loses 700 Billion US dollars through the now notorious racket of siphoning money from poor countries on the continent to rich ones overseas.

“This is from official statistics and reports compiled by the United Nations Conference on Trade and Development (UNCTAD),” he said. 

The Chairman of SADCOPAC, Mr Sipho Makama, said the issue of illicit money outflow from the continent will be among the major topic for discussion in the ongoing seven-day meeting, which is being attended by over 300 delegates from all African countries with the exception of the troubled, Democratic Republic of Congo (DRC).

The SADCOPAC meeting organised in conjunction with the Parliament of Tanzania runs under the theme, “Enhancing Parliamentary Scrutiny in the Use of Public Resources” and brings to Arusha Parliamentary Speakers and heads of public accounts committees from all over the continent.

Taking place at the Arusha International Conference Centre (AICC), the conference has attracted Members of Parliament (MPs), Auditors General, Accountants General and Presiding Officers of each member Parliaments, PAC clerks, Researchers, Speakers Forum, SADC-Parliamentary Forum and Donor community.

SADCOPAC is an organisation charged with the responsibility of empowering Members of Parliament (MPs) of each member state to effectively carry out their function of oversight of public sector finances, as well as promoting good governance in the region and it usually hold an annual conference which is hostedby one of the member state.
Source: Daily News, reported by Marc Nkwame, from Arusha, Tanzania

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