New global rules forcing companies to report taxable activities country-by-country publicly have been called for by a group of 300 prominent economists. In a letter to world leaders, the group urges the UK to “take a lead” in the push for more tax transparency and argues that poor countries are the biggest losers from tax havens.
The International Monetary Fund and the World Bank are joining forces with other international organizations to cooperate on tax issues and develop new tools and standards to halt tax base erosion and evasion.
The International Monetary Fund (IMF) slightly improved its outlook on Argentina’s economy saying the country will grow 0.1% in 2015 and will remain stagnant in 2016. Nevertheless, IMF warned the country is going through a “very delicate” situation and insisted that the improved outlook doesn’t change its views regarding Argentina.
The world's policymakers must take economic reforms more seriously, or they could see their economies stuck in a muddle of mediocre growth with high debt and unemployment, the head of the International Monetary Fund said at the multilateral organization assembly.
The Argentine government decision to nationalize Spain’s Repsol owned YPF will be discussed in June in Los Cabos, Mexico, during the G-20 summit.
Major emerging powers stood ready on Friday to pledge money to bolster the International Monetary Fund's crisis-fighting war chest, though Brazil was holding out for promises that their voting power at the global lender would increase.
Brazilian Finance minister Guido Mantega said on Friday that IMF Managing Director Christine Lagarde makes a mistake in recommending emerging countries not to intervene in the money exchange markets to counter the strong devaluation of currencies from the rich countries.
The US government considers Argentine is obliged to submit its economic statistics to be validated by the IMF, and Washington will support all efforts from the multilateral organization so that the objective can be achieved.
Brazil urged the World Bank on Wednesday to give proper consideration to developing country candidates to replace outgoing president Robert Zoellick and not just go with an American.
G-20 Economy ministers will be meeting May 18/19 in Argentina to address commodity prices’ variations, according to Argentine sources. The meeting was agreed during the recent IMF/World Bank spring assemblies in Washington, following on Argentina’s deep concern about the “volatility” of commodity prices.