borkenaDecember 10,2018A report by Sheger Radio today says that Ethiopia lost as estimated $US 36 billion ( about 1 trillion and 80 billion Ethiopian Birr) in illicit financial inflows in the last 27 years. Sheger spoke to Maco-Economist and Consultant, Eyob Tesfaye, who stated that studies have revealed that Ethiopia has lost the above mentioned amount of money. Before 2012, the annual rate of illicit financial inflows was about US$500 million a year. Procurement processes (using wrong invoice some time at price 1000 % than the actual price), export-import process and financial borrowings were some of the areas from/through which illicit financial inflows has been possible. As well, you may get Ethiopia News by following us on twitter @zborkena

Source: Ethiopian News December 11, 2018 04:52 UTC