Elite capture is a problem specifically with developing countries, says PM Khan
ISLAMABAD: Prime Minister Imran Khan said Tuesday in United Nations Development Programme (UNDP) session address that the elite capture is behind the inequality where some people accumulate the wealth they cannot spend in ten lifetimes while the poor suffer, ARY News reported.
Citing a facti panel report by United Nations, the PM said every year about $1 trillion leaves developing countries into tax havens or into properties in richer countries, while about $7 trillion are laundered out of poor countries to be parked in safe havens.
“This is one fact behind the huge inequality in the world,” said PM Khan.
The poor nations not only are deprived by the employment this money could create; not only does it create poverty because this money could be spent on human development,” he said and added that this theft also affects the currency of the nations where it is being robbed from as so many dollars fleeing the country renders the exchange vulnerable.
The devaluation of the currency due to money laundering by the filthy rich consequently causes more poverty in the country by causing inflation, he said.
“It is a vicious cycle going on and really unless something is done about it, I am afraid the richer countries will have to build walls around to keep emigrants out – trying desperately to get to the richer countries.”
It is one factor, in my opinion, said the PM, which is causing more deaths in this world due to misery and poverty.
“There is no incentive in the rich countries to stop this outflow from the poor countries of the illicit money because they gain from it.”