The IMF‘s Independent Evaluation Office has completed its first study. It looks at “prolonged use of IMF resources” in countries such as Pakistan, Senegal and the Philippines. Two further studies on fiscal adjustment in IMF-supported programmes and the role of the IMF in recent capital account crises (Brazil, Korea, Indonesia) will be available by Spring 2003. There are concerns that the IEO is adopting a technocratic approach, rather than including views of a broad range of stakeholders. These studies will raise questions but not make recommendations to avoid treading on the IMF Board of Directors’ toes.
The IMF and the World Bank are increasingly engaged with the challenge of addressing how tax avoidance and evasion affect developing countries, but need to address the role played by multinational enterprises and tax havens in exacerbating inequality and undermining countries’ domestic revenues.
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