Today, several African countries are spending more on debt servicing than they are on health and education combined. Many others spend the equivalent of over half of their total budget for health and education just on repaying debt.
Africa loses $50 billion [€44.bn] a year in illicit financial flows, including tax evasion and avoidance by European companies. This is nearly double the official development assistance that sub-Saharan Africa receives.
Yet the EU strategy includes no concrete proposals to address tax evasion and avoidance, notably by European companies operating in Africa. Nor does it include a commitment to support progressive taxation in African countries, taxes that are socially just and don’t hit the poor and women the most.
Read more: EU Observer