Ethiopia: Illicit outflows doubled in 2009, new report says

Ethiopia lost $11.7 billion to outflows of ill-gotten gains between 2000 and 2009, according to a coming report by Global Financial Integrity. According to GFI economist Sarah Freitas, who co-authored the report, corruption, kickbacks and bribery accounted for the vast majority of the increase in illicit outflows. 'The scope of Ethiopia’s capital flight is so severe that our conservative US$3.26 billion estimate greatly exceeds the US$2 billion value of Ethiopia’s total exports in 2009,' Freitas wrote in a blog post on the website of the Task Force on Financial Integrity and Economic Development.