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Kenya has formally requested an IMF assessment to examine corruption and governance vulnerabilities, following pressure from Western nations. The "governance diagnostic" will investigate how these issues may be draining public resources and destabilizing the country’s finances. Kenya’s rising debt and the withdrawal of tax hikes after protests have complicated efforts to secure a $600 million IMF disbursement. The move signals the government's commitment to addressing corruption and restoring financial stability. Read full news at https://lnkd.in/dtxXNAa7 #Kenya #IMF #GovernanceDiagnostic #CorruptionAssessment #DebtCrisis #KenyaProtests #PublicFinance #GoodGovernance #FinancialReforms #IMFDisbursement #KenyaDebt #WesternPressure #KenyaEconomy #IMFEngagement #AntiCorruption #EconomicStability #GovernanceReforms #PublicAccountability #KenyaGovernment #InternationalMonetaryFund #EconomicChallenges

Kenya is taking significant steps toward addressing corruption and governance issues by requesting a formal assessment from the International Monetary Fund (IMF). This move follows pressure from Western countries and aligns with the Kenyan government’s ongoing efforts to manage its rising debt and economic instability. The IMF has confirmed the request for a governance diagnostic, which is designed to evaluate corruption vulnerabilities and governance challenges, particularly regarding their impact on public revenue, state finances, and economic growth. https://bit.ly/47UEHr4

#Constitutional Amendment for a Stronger Nigeria: A Path to Devolution of Power and Fiscal Federalism Background: Nigeria's constitutional amendment should prioritize devolution of power and fiscal federalism to promote economic growth, reduce corruption, and enhance governance. Introduction: Nigeria's current constitutional structure has been criticized for its centralized power and inadequate representation of subnational interests. This has led to calls for a constitutional amendment to address these issues. Problems: - Over-centralization of power - Inadequate representation of subnational interests - Corruption and mismanagement of resources - Inefficient allocation of resources - Lack of transparency and accountability Consequences: - Economic stagnation - Social unrest - Political instability - Corruption and mismanagement of resources - Inefficient allocation of resources Strategic thoughts 1. Devolve power to subnationals to enhance autonomy and representation 2. Implement fiscal federalism to promote efficient allocation of resources 3. Strengthen institutions to reduce corruption and enhance governance 4. Enhance transparency and accountability in government Quotes from International Figures: - "The devolution of power is essential for Nigeria's economic growth and development." - World Bank - "Fiscal federalism is critical for promoting economic efficiency and reducing inequality." - International Monetary Fund - "Corruption is a major obstacle to economic growth and development in Nigeria." - Transparency International Overview A constitutional amendment that prioritizes devolution of power and fiscal federalism will strengthen Nigeria's economy, reduce corruption, and enhance governance. This will promote economic growth, reduce inequality, and enhance the overall well-being of Nigerians. Nigeria's constitutional amendment should focus on devolving power to subnationals, reviewing revenue allocations, and achieving restructured fiscal federalism. Key Recommendations: 1. Devolution of Power: Unbundle the central government and transfer powers to 36 states and 774 local governments. 2. Fiscal Federalism: Review revenue allocations to achieve a more equitable distribution of resources. 3. Economic Growth: Focus on good leadership and followership to grow the economy. 4. Anti-Corruption: Address corruption in the civil service. 5. Condition Assessment: Evaluate the performance of administrations from 1999-2024. Conclusion: A constitutional amendment that prioritizes devolution of power and fiscal federalism will strengthen Nigeria's economy and promote good governance. Strategic Line of Action: - Implement a devolved power structure to enhance subnational autonomy. - Review revenue allocations to achieve fiscal federalism. - Address corruption in the civil service. - Conduct a condition assessment to evaluate administrative performance. References: - World Bank. (2022). Nigeria Development Update

American investors seek stability, predictability, and a strong anti-corruption effort in Albania to ensure fair play and competitiveness. https://lnkd.in/eF577Ss4 #Albania #Investment #Stability #Predictability #AntiCorruption #FairPlay #Competitiveness

Why Dr. Bawumia's Presidency Would Be a Disaster for Ghana By Kofi Thompson As Ghana stands at the crossroads of its democratic journey, the prospect of Vice President Dr. Mahamudu Bawumia becoming the country's next elected president sends shivers down the spines of many Ghanaians. The reason is simple: the New Patriotic Party's (NPP) eight-year tenure, under President Nana Addo Dankwa Akufo-Addo, has been marred by rampant high-level corruption, which has crippled Ghana's economy and stifled its development. The numbers are staggering. According to the 2024 Corruption Perceptions Index (CPI), Ghana ranks 73rd out of 180 countries, with a score of 43 out of 100. This dismal performance is a testament to the NPP's failure to tackle corruption, which has become a cancer that threatens to consume the very fabric of Ghanaian society. The impact of corruption on Ghana's economy is equally devastating. In 2023, the country's debt-to-GDP ratio ballooned to 104.6%, making it one of the most indebted countries in Africa. This unsustainable debt burden has led to a crippling economic crisis, characterized by high inflation, a depreciating currency, and widespread poverty. In this context, the prospect of Dr. Bawumia's presidency is a recipe for disaster. As a key architect of the NPP's economic policies, Dr. Bawumia has been instrumental in perpetuating the corrupt practices that have brought Ghana to its knees. His presidency would only serve to entrench these corrupt practices, further exacerbating the country's economic woes. Ghanaians deserve better. They deserve a leader who is committed to transparency, accountability, and good governance. They deserve a leader who will prioritize the needs of the many over the interests of the few. Dr. Bawumia is not that leader. As Ghana prepares to go to the polls, it is imperative that voters reject the NPP and its corrupt practices. The future of Ghana depends on it. The world is watching, and it is time for Ghanaians to take a stand against corruption and demand a better future for themselves and their children. References: - Transparency International. (2024). Corruption Perceptions Index 2024. - World Bank. (2024). Ghana Overview. - International Monetary Fund. (2024). Ghana: Staff Report for the 2023 Article IV Consultation. #NoToCorruption #GhanaDeservesBetter #RejectNPP #TransparencyAndAccountability #GoodGovernance #GhanaElections2024 #AfricaRising #GlobalCitizensAgainstCorruption

Impact of proposed constitutional amendments on economic stability, growth & IMF program. Proposed amendments aiming to undermine judicial independence could harm investor confidence, governance, and the IMF program's goals for private sector investment. A judiciary viewed as government-influenced raises rule of law concerns, deters private sector investment, and elevates political risk. Governance reforms, including SOE governance & privatization, and anti-corruption efforts may face setbacks, leading to legal uncertainty and increased corruption. This jeopardizes Pakistan's long-term economic stability, private investment, and sustainable growth under the IMF's SLA, posing a significant challenge to economic progress and stability.

****Attention Pakistani’s**** **Brazil Shows Us How It's Done: Recovering Billions from Corruption** Wow, Brazil has just recovered billions from corrupt politicians and officials. This is a huge win for the people and a bold step towards justice and transparency. Imagine if we could do the same in Pakistan! 🇵🇰 **Wake Up, Pakistan!** Corruption has been a thorn in our side for too long. It's time we take a stand and demand better. If Brazil can hold its leaders accountable, so can we. Remember Imran Khan’s Fight - The only Leader in last 20 years who’s stood against corruption! Imran Khan has been a relentless voice against corruption in Pakistan. He gave us the ideology that the money that’s been eaten up can be brought back to the country. His efforts have inspired many, but he cannot do it alone. It’s up to all of us to carry this effort ahead. Here’s What We Can Do: 1. Demand Tax Relief for the Salaried Class: Advocate for reducing the tax burden on the hardworking salaried class. Keep pushing for this until the government listens. 2. Stand Firm: Keep your salaried class tax relief movement alive until the government accepts and implements our demands. Persistence is key. 3. Expose Corruption: Openly share incidents where you see corruption happening. Shine a light on illegal activities and hold the wrongdoers accountable. 4. Stand Against Injustice: Take a firm stand against corruption and illegal proceedings. Every small action counts. 5. Learn from Imam Hussain’s Stand: Let’s draw inspiration from the sacrifices of Imam Hussain during Muharram. His stand against tyranny and injustice should motivate us to fight for what’s right. Be the Change: We have the power to change the future of our country. Let’s take a page from Brazil’s book and fight for a better Pakistan. Comment with your thoughts, and let’s start a dialogue that will create a difference for each and every individual out there! #EndCorruption #PakistanRising #Accountability #Transparency #StandForYourRights #ImranKhan P.S : link to Brazilian Political Recovery in the comment below.

Illicit Financial Flows from Africa: A Significant Challenge Illicit financial flows (IFFs) from Africa have been a significant issue for decades, depriving the continent of billions of dollars each year that could be used for development and poverty reduction. These flows, often referred to as "illicit outflows," involve the illegal movement of money out of African countries, typically through methods such as tax evasion, corruption, and money laundering. Key Factors Contributing to IFFs: * Corruption: Corruption is a major driver of IFFs, with government officials often involved in embezzling public funds. * Tax Evasion: Multinational corporations and individuals may engage in tax evasion by routing profits through offshore tax havens to avoid paying taxes in African countries. * Money Laundering: Criminal activities such as drug trafficking and human trafficking can generate illicit funds that are laundered through legitimate businesses or financial institutions. * Trade Mispricing: Over- or under-invoicing of goods in international trade can be used to hide illicit financial flows. * Weak Regulatory Frameworks: Inadequate regulatory oversight and enforcement in many African countries can facilitate IFFs. Impact on African Development: * Loss of Revenue: IFFs deprive African governments of much-needed revenue that could be used to finance essential services such as education, healthcare, and infrastructure. * Reduced Economic Growth: Illicit outflows can hinder economic growth by reducing investment and discouraging entrepreneurship. * Increased Inequality: IFFs can exacerbate inequality by benefiting the wealthy and powerful at the expense of the poor and marginalized. Efforts to Combat IFFs: * International Cooperation: Global initiatives such as the Global Financial Integrity (GFI) and the Financial Action Task Force (FATF) are working to combat IFFs through international cooperation and best practices. * Domestic Reforms: African countries are implementing reforms to strengthen their financial systems, improve tax administration, and enhance transparency and accountability. * Civil Society Engagement: Non-governmental organizations (NGOs) and civil society groups are playing a crucial role in raising awareness about IFFs and advocating for reforms. While significant progress has been made in recent years, the challenge of IFFs from Africa remains substantial. Continued efforts are needed at both the national and international levels to address this issue and ensure that the continent's resources are used for the benefit of its people. Would you like to know more about specific cases of IFFs from Africa or the impact they have had on particular countries?

The International Monetary Fund (IMF) has identified corruption, bureaucratic red tape, and a weak business environment as the primary challenges hindering Pakistan’s development. In response, the government has assured the IMF of taking firm steps to address these issues, including greater transparency and accountability in the public sector. The government has also assured the IMF of curbing corruption and abuse of power. According to a recent report presented to the global lender, the government plans to disclose the assets of senior bureaucrats to combat corruption. Much like politicians, public officials in grades 17 to 22 will now be required to reveal their domestic and foreign assets, including those held by their families. This change, to be implemented through amendments to the Civil Service Act, is expected to be completed by February 2025. Once these amendments are made, the Federal Board of Revenue (FBR) will digitize the asset declaration system. The government has also committed to strengthening the National Accountability Bureau (NAB) to ensure more effective oversight and investigation of corruption cases. Public officials will be held accountable and prevented from building illegitimate assets, the IMF has been assured. #Pakistan #progress #affected #corruption #red #tape #weak #business #conditions #IMF #247newsupdate

KEVIN CHIKA URAMA Well said, Professor. These foreign companies are indeed at the heart of the problem. Adding to this, Africa also faces substantial losses through rampant gold smuggling to destinations such as the UAE, India, and Switzerland. The African Development Bank (AfDB) has revealed that the continent loses approximately $1.6 billion every day due to illicit financial flows and profit-shifting practices by multinational corporations operating on its soil. Kevin Urama, the AfDB's Chief Economist, noted in an interview with the Punch newspaper that Africa suffers more from these outflows than it gains from Foreign Direct Investment (FDI). He stressed that stakeholders should prioritise stopping outflows rather than chasing inflows. “Corruption is a significant challenge on the continent, with estimates showing Africa loses about $248 billion annually to corruption. Adding over $90 billion in illicit financial flows and the effects of profit shifting—where corporations use creative accounting to avoid paying taxes—we're losing around $275 billion annually. “When these losses are combined, Africa forfeits about $587 billion every year, which translates to approximately $1.61 billion daily. Yet, we spend much of our energy pursuing FDI, official development assistance, portfolio flows, and remittances. In 2022, these sources amounted to just $174.5 billion—three times less than what we lose annually. This highlights a fundamental misplacement of priorities. Instead of chasing inflows, the focus should be on stopping the outflows,” Urama stated. Urama underscored the importance of leveraging technology, implementing robust policies, and enforcing accountability through effective governance. He called for improved institutional capacity, advanced tracking mechanisms, and regulations to stem the tide of illicit activities. "We need individuals in government and public service who understand the implications of their decisions and are equipped with the right tools and policies to prevent these losses," he said. The AfDB has developed a Public Service Delivery Index for Africa, which evaluates the quality and accessibility of services provided to citizens, highlighting the gap between policy intentions and tangible outcomes. Illicit financial flows and gold smuggling are among the reasons Nigeria remains on the Financial Action Task Force (FATF) greylist since February 2023. Without decisive action—using technology, guns, and policy as critical tools—the economic losses will continue to stifle development and fiscal sustainability across Africa.