Post by account_disabled on Feb 19, 2024 23:40:11 GMT -5
An average of percent of public funds offered during the pandemic in nine developing countries went to large companies instead of going to social security or SMEs and other needy economic sectors, the Coalition for Financial Transparency denounced this Wednesday ( FTC, in English). The FTC, which brings together, among others, Transparency International and the Latin American Network for Economic and Social Justice, analyzed data from Kenya, South Africa, Sierra Leone, Bangladesh, India, Nepal, Honduras, Guatemala and El Salvador. Presenting its report today, considered the largest ever on the use of bailout funds in poor countries, the Coalition noted that "only a quarter (on average) of the funds went to social protection.
Only one of the States surveyed, Guatemala, invested more money from the funds in social protection than in other categories, with %, followed by Indiaouth Africa Iraq Telegram Number Data and Honduras indicates the document. In Kenya, % of the funds issued to confront Covid- were allocated to large companies instead of going to people in poverty, while in Sierra Leone the proportion was %. Only % of funds in the countries surveyed "went to support informal sector workers, even though they often make up the majority of the workforce." Bangladesh, South Africa, Nepal and Honduras did not allocate any portion to this sector, the FTC notes.
The Coalition warns that there is a "lack of transparency in the use of recovery funds", which include those issued by Governments but also those from international institutions such as the World Bank and the International Monetary Fund IMF . In Kenya, for example, the World Bank provided $ million in emergency financing to support the country in its response to the health crisis, but as of today there is still "no explanation for the use of these funds." The alliance of non-governmental organizations, which also includes the European Debt Network and Christian Aid, says this is partly because most international monitoring systems "record initial financing announcements rather than carrying out a follow-up of the actual disbursement.
Only one of the States surveyed, Guatemala, invested more money from the funds in social protection than in other categories, with %, followed by Indiaouth Africa Iraq Telegram Number Data and Honduras indicates the document. In Kenya, % of the funds issued to confront Covid- were allocated to large companies instead of going to people in poverty, while in Sierra Leone the proportion was %. Only % of funds in the countries surveyed "went to support informal sector workers, even though they often make up the majority of the workforce." Bangladesh, South Africa, Nepal and Honduras did not allocate any portion to this sector, the FTC notes.
The Coalition warns that there is a "lack of transparency in the use of recovery funds", which include those issued by Governments but also those from international institutions such as the World Bank and the International Monetary Fund IMF . In Kenya, for example, the World Bank provided $ million in emergency financing to support the country in its response to the health crisis, but as of today there is still "no explanation for the use of these funds." The alliance of non-governmental organizations, which also includes the European Debt Network and Christian Aid, says this is partly because most international monitoring systems "record initial financing announcements rather than carrying out a follow-up of the actual disbursement.