Dhaka, Bangladesh (BBN)- Bangladesh has sought assistance from the global community including the World Bank to stop illegal financial outflow, which was 11 percent of the country’s tax revenue.
The appeal came at a discussion, styled ‘Illicit Financial Flows and the post 2015 Development Agenda’ on the sidelines of the annual World Bank-IMF meetings in Washington DC.
The country’s illicit financial outflows in 2011 were close to $1.17 billion, which was 78.5 percent of the Official Development Assistance (ODA) that year, according to the Global Financial Integrity (GFI).
Bangladesh Bank (BB) Governor Dr Atiur Rahman attended the discussion on ‘Illicit Financial Flows and the post 2015 Development Agenda’ held on the sidelines of the annual meetings of the World Bank and International Monetary Fund.
At the discussion, the central bank chief urged the WB to increase its technical support and ODA to the country such that it can effectively address the situation.
The panel also included Hans Brattskar, State Secretary of the Ministry of Foreign Affairs, Norway; Minister for Trade and Development Cooperation, Denmark; Leonard Frank McCarthy, Integrity Vice President, World Bank Group; Mario Marcel, Senior Director, World Bank Group; Nena Stoiljkovic, Global Practices Vice President, World Bank Group and Raymond Baker, President of Global Financial Integrity, according to a statement, issued by the BB on Sunday in Dhaka.
Citing the WFI estimates, they said the global flow of tainted flow reached a staggering $946.7 billion, far exceeding the levels of gross overseas development assistance. ODA was $165.4 billion in 2009.
BBN/SSR/AD-13Oct14-12:50 am (BST)
