New World Bank President pressed to support taxes on financial transactions

Forty-three prominent organisations, including Public Services International, are calling on the new President of the World Bank to champion financial transaction taxes (FTTs) as an innovative way to tackle the problems facing the world’s poorest and most vulnerable people.

In a letter addressed to Dr. Jim Yong Kim, the organisations make five recommendations:

1. Raise FTT in the context of your work to publicize the new World Development Report focusing on jobs.  As governments look for sources of financing for job-creation strategies, FTT should be promoted as one potential source. 
2. Promote the FTT as part of a plan to achieve internationally agreed global health, education and other development goals. For example, with the prospect of ending AIDS closer than ever, FTT revenues could help achieve Millennium Development Goal #6, aimed at reversing the spread of HIV/AIDS and ensuring universal access to treatment and help fully fund implementation of the 2011 Political Declaration on HIV/AIDS.
3. Promote FTT as a source of innovative finance for developing countries’ efforts to address climate change. Such revenues are needed for the Green Climate Fund and other funds of the UN Framework Convention on Climate Change, including the Adaptation Fund, Least Developed Countries Fund, and the Special Climate Change Fund. Further, it would be helpful to promote FTT as a source of climate finance in the context of studies and reports mandated by international bodies such as the G20 and the UN.
4. Bring these messages to the general public and world leaders. At this key moment in their decision-making, it is particularly important to urge European leaders to allocate part of FTT revenue to development and climate.  We also recommend that you publish an open letter on this theme in major newspapers.
5. Meet with civil society and independent experts on this timely issue.  We would be very pleased to organize a briefing that would include participation by leading experts in the field. Over the past several years, many of our organizations have been involved in similar briefings with the International Monetary Fund, the Gates Foundation, the European Commission, and national governments.  We would appreciate the opportunity to share research and analysis of the feasibility and potential benefits of this means of generating additional finance.  

(To obtain a copy of the letter and a list of the signatory organisations, download the attachment below.)