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Tax haven deposits from poor countries increase in quarters when they receive aid, World Bank study says

( February 18, 2020, 22:34 GMT | Official Statement) -- MLex Summary: Deposits into bank accounts of entities of poor countries in tax havens increase during quarters when their countries receive substantial amounts of World Bank aid, a study by the multinational lender said. "In this paper, we study aid diversion by combining quarterly information on aid disbursements from the World Bank and foreign deposits from the Bank for International Settlements," the economist writing the report said. "Our key estimate suggests that aid corresponding to 1% of GDP increases deposits in havens by around 3.4%." The economists attributed the rise in tax haven deposits to the diversion of foreign aid by elites in the poor countries....

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