Arab Today, arab today g20 ministers face pressure on economic growth tax evasion
Last Updated : GMT 20:05:56
Arab Today, arab today
Arab Today, arab today

During the spring meetings of the IMF

G20 ministers face pressure on economic growth, tax evasion

Arab Today, arab today

Arab Today, arab today G20 ministers face pressure on economic growth, tax evasion

Jim Yong Kim, president of the World Bank Group (L)
Washington - Arab Today

Finance ministers of the world's top economies face pressure to do more for global growth and crack down on tax evasion when they gather Friday during the spring meetings of the IMF and World Bank.

Amid worries that the world economy is at risk of stalling, the G20 ministers face calls to take action to boost job-creating investment and fight off rising protectionist sentiment, including Britain's threatened pullout from the European Union.

They will also be confronted with an ambitious proposal from Europe's top five economies in reaction to the Panama Papers scandal that has exposed the extent of banking secrecy worldwide.

Germany, Britain, France, Spain and Italy released a proposal Thursday calling for an international registry of the beneficial owners of anonymous shell companies to help fight tax evasion and money laundering.

The move was a reaction to the leak of millions of documents on anonymously owned shell companies from Mossack Fonseca, a Panamanian law firm that specialized in setting up such firms.
The trove showed the use of shell companies by prominent politicians including close associates of Russian President Vladimir Putin, family members of Chinese leaders, British Premier David Cameron, and the leaders of Iceland and Argentina.

"The current events show that identifying the ultimate beneficial owner behind corporate structures is key to fighting tax evasion, money laundering and illicit finance effectively," German Finance Minister Wolfgang Schaeuble said in a news conference.

That could put the countries of the elite group at odds amongst themselves: some, including the United States, allow company owners to hide their identities in anonymous companies and trusts.

The concern about tax havens stirred a reaction from Panama, which has been singled out in the wake of the Panama Papers as non-cooperative.

"Panama's path to financial transparency is irreversible," Isabel De Saint Malo, Panama's vice president and foreign minister, said in a statement.

"To that end, we willingly and actively support diplomatic dialogue and domestic reform to address this global challenge," she said.

- Warnings over slow growth -

The G20 though will also have to answer to the broad worries voiced by the World Bank and IMF that world growth could slow to "stall speed" if nothing is done.

Earlier this week the IMF cut its world growth forecast for the third time in six months, to 3.2 percent, and said there were significant risks of a further slowdown.

The two powerful institutions said demand for financial support from struggling governments has risen to levels normally seen during crises.

"In the global economy, there are not many bright spots," said World Bank President Jim Yong Kim. "The weakening global economy threatens our progress toward ending extreme poverty by 2030."

The emerging economies of the G24 group said that things have not improved for them.

"We continue to face weaker global demand, tighter financial conditions, more volatile capital flows, and heightened security challenges. These headwinds could further weaken our growth outlook and contribution to global growth," the group said.

- Brexit and marriage -

IMF Managing Director Christine Lagarde warned that the specter of Brexit -- Britain's exit from the European Union -- was already hurting economic activity in the runup to the June 23 referendum there on whether to stay or go.

She said the regional and world economy will be better off if Britain remains in the EU.

"It's been a long marriage between members of the European Union," she said. "It's really my personal hope that it doesn't break.

"Because keeping Europe together after what it has gone through over the last century, and what the risks are on the horizon.... is actually a huge asset which is vastly underrated in my view."
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g20 ministers face pressure on economic growth tax evasion Arab Today, arab today g20 ministers face pressure on economic growth tax evasion

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g20 ministers face pressure on economic growth tax evasion Arab Today, arab today g20 ministers face pressure on economic growth tax evasion

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Ryanair's O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

Ryanair's O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday