Tagged: Financial Transaction Tax
A broad coalition of NGOs, political organizations and trade unions today (7 September), called on EU Finance Ministers to recognize the merits of an European-wide Financial Transaction Tax (FTT), particularly as austerity measures begin to be felt throughout the EU.
Contrary to the positive picture painted by the International Monetary Fund in its 2010 World Economic Outlook, poor countries are being forced to cut back on their economic crisis-response spending too soon.
Poor countries are being forced to cut back on their economic crisis-response spending too soon. Education and social protection budgets are particularly badly affected. Oxfam is calling on the IMF to take steps to reverse this trend.
The World Development Indicators report released today by the World Bank shows that sub-Saharan Africa is off-target, overall, on all Millennium Development Goals. It lays bare the human cost of rich countries' failure to deliver on their aid promises.
The fact that the IMF is proposing that adaptation efforts are funded by grants rather than loans is positive. But this will only work if developed countries ensure the money is there to resource this vital assistance to vulnerable countries.
G7 finance ministers meeting in Canada this weekend must agree to a Financial Transaction Tax to leverage billions needed to help poor nations deal with the impact of the global economic crisis.