From the TUC

Francophone south backs Robin Hood Tax

23 Sep 2011, by in International

The campaign for a financial transactions tax (FTT) is often portrated as a rich-country initiative. But of course it matters most to low income countries who would benefit from the resulting increase in overseas aid and finance to tackle climate change.

In Washington for the autumn meetings of the IMF and World Bank, Ministers from the global south added their calls for an FTT to those of Robin Hood Tax campaigners, and were backed by the global organisation of French-speaking countries and many English-speaking Commonwealth countries.At a press conference on 22 September, Finance Ministers of Low-Income Countries represented by M. Menye, Finance Minister of Cameroon, and M. Tayi Ngy, Cambodian Finance Minister, called for an FTT for development.

At the same event the Secretary General of the Organisation Internationale pour la Francophonie (OIF), announced that they are going to send a joint statement on FTT for development, along with Commonwealth country members, to Sarkozy ahead of the G20 summit in Cannes. He noted that, together, OIF and Commonwealth country members cover 2.5 billion people that the G20 members cannot ignore.