Tax evasion by foreign firms costing poor African nations “billions”

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Jeffrey Sachs with Cristina Gallach, head of the UN Department of Public Information, during a recent event at UN Headquarters. UN File Photo.

Some of the poorest countries in Africa are losing “tens of billions of dollars” each year because foreign businesses operating in their territories are not fully paying their taxes, according to a prominent American economist and university professor.

Jeffrey Sachs said the funds could be used to build roads and other infrastructure  that would make these countries more attractive to potential investors, thus benefiting their economies.

Mr Sachs heads the Earth Institute at Columbia University in the United States. He is also a Special Adviser to the UN Secretary-General on the Sustainable Development Goals (SDGs).

He was among thousands of participants attending the three-day  UN conference of the world's Least Developed Countries (LDCs) in Antalya, Turkey.

Reem Abaza caught up with Mr Sachs following a roundtable on trade, commodities and economic diversification held on Saturday.

Duration: 5’05″

Filed under Today's Features.
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