Eurodad’s Director Jean Saldanha reflects on the “business as usual” approach of the past week, the lack of urgency around Special Drawing Rights, and the total failure by G20 finance ministers to address deepening debt levels in the global south.

Recommendations include an end the gentleman’s agreement in the leadership selection process, reform of the Bank’s quota system to give more power to countries from the global south and no DBR 2.0

The OECD has produced a deal that has strong biases towards the interests of larger and richer countries, at the expense of the world’s poorest countries.

This evening, the International Consortium of Investigative Journalists (ICIJ) published yet another global tax scandal – known as the #PandoraPapers. The investigation – which included over 600 journalists in 117 countries – presents the findings from a leak of more than 12 million documents. Once again, at the centre of the scandal is the use of secret shell companies by politicians and the ultra-wealthy elite.

In light of the growing scandal around the World Bank's Doing Business report, Eurodad has issued the following reaction.

Today's agreement is not fair nor ambitious, and there is a high risk of it leading to a more complex and ineffective tax system.

“We’re in a middle of a global crisis, but while many big multinational corporations are cashing in record profits, large-scale corporate tax avoidance continues to cost our societies billions of Euros in lost tax income every year. We know that public country by country reporting can help solve this problem, and that is why we need urgent action. Sadly, today’s agreement has been watered down so much that it will not be effective.”

Research discloses the identity of 501 institutional investors which hold a total of US$ 169 billion in sovereign bonds of 62 developing countries.

It has never been more urgent and important to fix our broken corporate tax system.

While the Commission’s state aid cases are important for shining a light on the problems, they are not the solution. We need to throw the current corporate tax system in the bin and replace it with a system fit for the 21st century.