A coalition of over 70 US NGOs, including large labour unions, wrote to Congress at the end of March to demand that planned IMF gold sales pay for debt relief as well as Fund administrative expenses. They also “urge that before authorising gold sales, Congress insist on meaningful reforms in IMF policy in developing countries” including an end to overly restrictive deficit-reduction and inflation-reduction targets, an exemption for health and education spending from budget ceilings, transparency at the IMF, and more participation of civil society in the formulation of IMF programmes. This effort builds on a February briefing published by Jubilee USA about the use of the proceeds of IMF gold sales.
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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