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More than half of aid spent on procurement still goes to rich countries' firms - almost two decades after commitment to end 'tied aid'

US, Australia and UK worst offenders – with at least US$9 out of every $10 dollars reported going to their own companiesThe estimated cost of not being able to ‘shop around’ for goods and services was between US$1.95 billion and $5.43 billion in 2016A new report concludes that rich countries are still awarding more than half of their development aid procurement spending to companies from their own countries. This is despite a 17-year-old promise to end practices that give their own firms an ...

10 years on: Global debt at all-time high. Developing countries hit hard by fallout

Brussels, 10 September 2018 Ten years after the collapse of US investment bank Lehman Brothers (15 Sept 2008), the world is in deeper debt than it was in 2009 – the height of the financial crisis. Global debt reached a record peak of US$164 trillion in 2016, equivalent to 225 percent of global GDP. For advanced economies, debt-to-GDP ratios have plateaued since 2012 to levels not seen since World War II (above 105 per cent of GDP). The fallout from the financial crisis is now also hitting developing ...

C20 Argentina: The G20 plan to create an infrastructure ‘asset class’ must be shelved, and replaced with a plan to increase and improve public investment in infrastructure

Roadmap to turn infrastructure investments in developing countries into financial products is a dead end that will only hit the taxpayer, says new report. Report finds infrastructure has, and will be overwhelmingly publicly financed – the real agenda should be to increase and improve public investment. Thursday August 2 2018 The G20’s plan to develop an ‘infrastructure asset class’ to encourage private investment in developing countries is fundamentally flawed and must be shelved. This ...

C20 Argentina: El plan del G20 para convertir la infraestructura en una ‘clase de activo’ debe ser archivado y reemplazado por un plan para aumentar y mejorar la inversión pública en infraestructura

La Hoja de Ruta para convertir las inversiones en infraestructura de los países en desarrollo en productos financieros es un callejón sin salida que solo afectará al contribuyente, dice un nuevo informe. El informe concluye que, en la inmensa mayoría de los casos, la infraestructura ha sido y será financiada con fondos públicos, por lo que la verdadera agenda debería apuntar a aumentar y mejorar la inversión pública. Jueves 2 de agosto de 2018 El plan del G20 de desarrollar una ‘clase ...

Eurodad reaction to EU proposal for whistleblower protection

Today, the European Commission published its proposal for a directive on the protection of whistleblowers.    Tove Maria Ryding, Tax Justice Coordinator at the European Network on Debt and Development (Eurodad), said:    "This is an extremely important proposal from the Commission, and we urge the Member States and Parliament to support it.    "In recent years, we've seen some very serious examples of how important it is to strengthen whistleblower ...

European Parliament demands EU action as debt crises “ravage” developing countries

EU must reform its own lending practices, says European Parliament report. Member States must also act on 2015 UN resolution to establish a multilateral legal framework for sovereign debt restructuring. Brussels, Tuesday April 17 2018. Campaigners are backing calls for the EU to act following the adoption of a damning report by the European Parliament that lays bare the growing debt crisis in developing countries. The Report on Enhancing Developing Countries’ Debt Sustainability calls ...

Development aid stagnates in 2017 – and rules governing how it is spent mean the poorest are still missing out

Brussels, April 9 2018. The amount of aid going to countries in the Global South was stagnant in 2017, according to new figures published by the OECD today. The rules that govern aid also mean that a large proportion of Official Development Assistance (ODA) is still being spent in the donor countries themselves instead of reaching the poorest countries - with around 10% spent on the cost of hosting refugees. The figures, published by the OECD’s Development Assistant Committee (OECD DAC), ...

Auditors expose the failure of public-private partnerships (PPPs) and slam EU’s support

The European Court of Auditors today slammed Public-Private Partnerships (PPPs), stating that they were ‘not always effectively managed and did not provide adequate value-for-money’. The report, entitled “Public Private Partnerships in the EU: Widespread shortcomings and limited benefits” looks at PPPs in several EU countries. Inefficient spending was identified in contracts worth 1.5 billion euros, out of which 0.4 billion euros were EU funds. The report recommends that “the Commission ...

EU’s secret ’sweetheart’ tax deals with multinational corporations soar to record numbers

Advanced pricing agreements (APAs) – also known as ’comfort letters’ or ’sweetheart deals’ –  between EU governments and multinational companies have rocketed to record numbers, according to new figures released by the European Commission. This comes after such deals have been at the centre of several tax scandals, as well as State aid cases that the European Commission has launched against EU Member States, involving the alleged loss of millions of Euros in tax income. Most ...

New EU aid plan risks handing billions to private companies at expense of the poorest, despite safeguards

Brussels, June 28 2017. Proposals to regulate a new multi-billion euro EU fund aimed at driving more private investment in development have just [June 28] been agreed by the European Parliament, Member States and the European Commission. But campaigners say although the proposed safeguards in the External Investment Plan are a step in the right direction, there is a risk that billions of euros of tax payers’ money will benefit big multinational corporations at the expense of the people in poverty ...