World Bank aid encourages governments to enable illicit financial outflows to offshore tax havens by reducing capital controls, thus draining precious foreign exchange and government resources.

Aid disbursements to highly aid-dependent countries coincide with sharp increases in bank deposits in offshore financial centres known for banking secrecy and private wealth management.

A modest share of all aid, World Bank disbursements averaged over 2% of low-income countries’ GDPs yearly. For Bank disbursements of at least 1% of GDP, leakages from 46 countries increased deposits in havens by 3.4%. But at a 3% of GDP threshold, leakages from seven countries rose to 15%!

It is bad enough for the World Bank to enable the theft of scarce financial resources by influential elites. Worse, such enabling reforms have been required or advised by the Bank despite prior knowledge of their likely consequences.

Take a loan, escape to london, write memoirs how your country paying that loan is a bunch of dipshits