Development Finance Watch, Issue 83

Eurodad Newsletter October 13, 2011 - Issue# 83   European Network on Debt and Development DEVELOPMENT FINANCE WATCH

 

Top Story » Private sector in development- the growth mantra strikes back Thirty development finance institutions (DFIs) and multilateral development banks (MDBs) recently launched a report entitled “International Financial Institutions and development through the private sector.” The purpose of this report is to get the word out that the private sector is important for development, and the target audience is policy makers and the unconverted. read more     News » 2011 Financial Secrecy Index challenges assumptions about integrity and transparency The Tax Justice Network complied data which ranks countries according to a calculation based predominately on various indicators of secrecy and secondly on the size of a country’s financial sector. The index challenges many assumptions most significantly that secrecy is mostly provided by small islands and tiny eccentric kingdoms.   read more     Report » Addicted to tax havens: The secret life of the FTSE 100 Eurodad member ActionAid has recently released a report “Addicted to tax havens” which reveals that 98 out of 100 UK’s biggest companies listed on the London Stock Exchange are using tax havens.  ActionAid’s research show for the first time just how deeply embedded this practice is for nearly all of Britain’s top multinationals.   read more         News » Responsible businesses and investors should adopt sustainable tax framework The importance of tax for development is widely accepted. It is also increasingly being acknowledged that a company’s approach to taxation is an integral part of its Corporate Social Responsibility (CSR). Against this background Christian Aid has produced a briefing “Tax and Sustainability: A framework for businesses and socially responsible investors”.   read more     Report » Progressive Taxation: Towards fair tax policies Eurodad Member Intermon-Oxfam has produced a new report “Progressive Taxation: Towards fair tax policies” focusing on tax policy in developing countries. The report asks who pays tax, what taxes are paid, and how? It argues that in order to be able to find enough resources to ensure public services, such as education and health for all, poor countries need to raise more tax, and raise tax in ways that are progressive and fair.   read more         News » G20: Meaningful Tax and Transparency commitments stripped out in build up to summit Finance and Development Ministers produced a development communiqué on the 22nd September with little meaningful to say about tax. This is all the more disappointing as a stronger statement containing support for precise measures had been a drafted. The communiqué contained good suggestions on food security and infrastructure but is this really an excuse to ignore tax when remedies are already known? read more       Blog » Greek tragedy Everyday the same news – Greece lurches nearer to a default, the financial markets panic, and governments come up with a few more euros or some soothing words to calm them for a few hours. The meltdown has been put off for another day. Almost every commentator accepts Greece will default. The question is when, on what terms and who will pay the highest price.   read more

What's New   Issue #83   October 13, 2011 ACTION ALERT  Busan Aid Effectiveness forum must empower the poor Send a letter to call on European donors to reaffirm all aid effectiveness commitments made, take the necessary steps for full implementation, and transform aid to realise the potential of political and economic empowerment in poor countries.     Help your MEP take action on debt before 19.10 deadline Parliamentarians from four continents are preparing a report on debt and development. Ask your MEP to make it stronger! MPs from the EU, Africa, the Caribbean and Pacific countries have until 19 October to propose changes to the report.     FEATURED MEMBER The Development Research Center (RDC) is a private non-governmental development organisation whose mission and objectives are to stimulate research and raise awareness about developing countries and their role in the world  economy and political system.   QUOTE OF THE WEEK  “For every dollar of foreign borrowing, on average more than 50 cents leaves the borrower country in the same year. This tight relationship suggests that a substantial portion of Africa’s capital flight has been debt-fuelled. Growing public external debts and private external assets are connected by a financial revolving door." Léonce Ndikumana about his and James K. Boyce` new book Africa’s Odious Debts: How Foreign Loans and Capital Flight Bled a Continent      FACTS AND FIGURES “OECD member countries and their various dependencies account for 84% of the world market in offshore financial services.” The Tax Justice Network 2011 Financial Secrecy Index       EURODAD IN ACTION Bodo Ellmers and Clare Birkett met with the OECD Working Party on Aid Effectiveness in Paris, France Jeroen Kwakkenbos met with an OECD working party on the private sector in Paris, France  Nuria Molina, Marta Ruiz and Alex Marriage attended the 2011 Task Force on Financial Integrity and Economic Development Conference in Paris, France Bodo Ellmers and Clare Birkett attended Better Aid's strategy meeting in Paris, France    Jeroen Kwakkenbos met with MPs and MEPs from the German Green Party in Brussels, Belgium   Bodo Ellmers spoke at the event “On the road to Busan: Pursuing a New Consensus on Development cooperation” in the International Press Center, Brussels, Belgium        FEATURED RESOURCE    The Reality of Aid “shadow report” shows how democratic ownership and  positive  development results  for the most excluded and vulnerable groups are closely related. EVENTS What:  Cross Networking Meeting on the financialization of natural resources When:  28 - 29 October Where: Paris, France What:  Roundtable on "Country-by-country reporting: How financial transparency by multinational companies could contribute to development" When:  21 November Where: Brussels, Belgium   MEDIA MENTIONS Eurodad was mentioned..   by GhanaWeb on the IMF conditionality. by The Island on the World Bank transparency.   FOLLOW US ON TWITTER!   Read the PDF version of this newsletter. If you have feedback on articles, suggestions of content for future issues or other thoughts, please write to: assistant@eurodad.org

 

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