Report finds Development Finance Institutions (DFIs) are not doing enough to eliminate the risk of public money being complicit in tax avoidance schemes.
Civil society organisations have demanded that the IFC develop a responsible tax policy that ensures that IFC investments are consistent with its development mandate and do not support companies utilising aggressive or abusive tax practices.
IMF’s Independent Evaluation Office has found the Fund’s 2010/2011 Troika lending to Greece, Ireland and Portugal fell short in terms of surveillance, design, implementation and decision making, and described controversial decisions as appearing “rubber-stamped”.
As the world economy continues to stutter, many sub-Saharan African countries are turning to the Fund for financial support, though the Funds are coming with strict conditions to restrict spending.
Despite their popularity, PPPs have a very bad track record of delivering cost-effective investment for governments, and pose additional and serious problems by reducing transparency and accountability.
As Eurozone countries agree a new loan package to Greece, the IMF has conceded to ‘major concessions’ instead of up front debt relief and may participate in a new programme despite its insistence that the Fund's involvement in future programmes is dependent on ‘significant debt relief’.
While the recent reforms to the IMF and World Bank governance reforms and the establishment of new Southern-led IFIs are symbolically important, they are thus far not a rupture with the Western-dominated international financial architecture.
An IMF policy paper on the international monetary system considers its future policy on capital controls and proposes a review of the IMF's institutional view on the liberalisation and management of capital flows.