The IMF released its Coordinated Direct Investment Survey (CDIS) – the first comprehensive database on global foreign direct investment – in December. In addition to revealing the scale and direction of global investment flows, the database has raised questions about certain countries’ roles as tax havens. Luxembourg, for example, attracted an equal $1.8 trillion in both inward and outward investment according to the CDIS. UK-based NGO Tax Justice Network said of the IMF survey: “It doesn’t take an advanced degree in economics to come to the conclusion that while the IMF cross-border investment data might be accurate, it highlights a fascinating but unexplained story about the role of secrecy jurisdictions in global investment flows. Does Luxembourg add value to the process, or is it merely used as a conduit for tax cheating?”
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
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