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Finance and debt

How the G7 continues to stand in the way of a more democratic international order - by Nick Dearden for the New Internationalist. Earlier this year, South Africa’s delegate to the World Trade Organization made an eloquent plea to rich countries to stop blocking a proposal which would see patents on Covid-19 vaccines...
The world’s richest countries have finally agreed in principle to the idea of a global minimum corporate tax rate—a step that could signal a conclusion to a debate that has been raging for nearly a decade. However, there’s a problem: According to tax justice campaigners, the agreed upon 15% minimum is too minimal,...
G7 negotiations for a global minimum corporate tax rate offers the opportunity for a transformational shift in responses to the pandemic, explains Alex Cobham of the Tax Justice Network. When the chancellor, Rishi Sunak, welcomes the US treasury secretary, Janet Yellen, to the meeting of G7 finance ministersin...
Large corporations, rather than ordinary people, have been the main beneficiaries of Covid bailout funds in many lower-income countries, writes Luke Holland for the Tax Justice Network. Despite the rhetoric of “building back better” that has surrounded responses to the economic fallout of the pandemic, a new report...
The harms to human dignity caused by over-indebtedness—whether individual or public—are a consequence of unjust policies which violate human rights. Protecting rights must be a core principle of debt justice. By Allison Corkery, Ignacio Saiz, and Juan Pablo Bohoslavsky for the Progressive International’s Debt Justice...
It’s not often that you can celebrate an outright, global triumph for the advocacy efforts of a movement. But for tax justice, this is one of those days, writes Alex Cobham for the Tax Justice Network. The high level UN panel report launched this week by a group of heads of state and ministers from around the world,...
Every year, US$88.6 billion leaves Africa in the form of illicit capital flight according to the 2020 report of the United Nations Conference on Trade and Development (UNCTAD), entitled Tackling Illicit Financial Flows for Sustainable Development in Africa. Africa is affected more than all other continents, making it...
Countries are losing a total of over $427 billion in tax each year to international corporate tax abuse and private tax evasion, costing countries altogether the equivalent of nearly 34 million nurses’ annual salaries every year – or one nurse’s annual salary every second.  As pandemic-fatigued countries around...
The Transnational Institute sets out ten proposals to mobilise resources to cover the cost of the global COVID-19 pandemic and to pay for the transition away from the fossil fuel economy. Caught between crises California has this year seen the largest forest fires on record. The smoke, whipped up by the flames...
Over 1,000 health professionals from 66 countries have signed a letter urging the G20 to cancel the debt of developing countries, ahead of an extraordinary G20 Finance Ministers meeting. The letter, organized by Oxfam International, urges the G20 to cancel the debt so that countries can devote funds to...
As the World Bank and IMF sound the alarm on debts driven sky high by Covid-19 in some of the world’s poorest nations, debt ‘relief’ will not cut it – we need a thoroughgoing transformation of the global economy. By Nick Dearden for the New Internationalist. ‘[P]eople, even the world’s poorest and most destitute,...
Despite its own warnings, the International Monetary Fund is risking another ‘lost decade’ for development, reports Soren Ambrose for openDemocracy. In the wake of the 2007-2008 financial crisis, a report by the International Monetary Fund’s independent evaluation office into the institution’s handling of the...
An exit strategy from the World Bank and IMF could lead to serious efforts to create a new system of international governance based on the principles of mutual respect, equality, and cooperation, argues Walden Bellow for FocusWeb. As they mark their 76th year, the International Monetary Fund and the World Bank have...
More than five hundred of the world’s leading charities, social groups and academics have sent a letter to the International Monetary Fund warning that its support programs, which have had to be ramped up to cope with COVID-19, were condemning many countries to years of austerity. We, the undersigned, call on the...
In an encyclical, the most authoritative form of papal teaching, Francis lamented poor cooperation among countries and warned the forces of “myopic, extremist, resentful and aggressive nationalism are on the rise.” Pope Francis criticized the failures of global cooperation in response to the coronavirus pandemic in...