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Key Communications and Publications from the Springs Meeting
Key Events for April 13, 2016

https://www.imfconnect.org/content/imf/en/annual-meetings/2016-Spring-Meetings.html
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G-24 Deputies Meeting<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/byinvitation/2016/04/13/g-24_deputies_meeting_96455.html>
08:30 AM - 12:30 PM
CONF. HALL 1, HQ2-01A-820
LICs Session I: Inequality, Growth and
Resilience<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/lics_session_i_inequalitygrowthandresilience_96473.html>
08:30 AM - 10:30 AM Live streaming on IMFConnect
Open attendance
JACK MORTON AUDITORIUM

Press Briefing: Global Financial Stability
Report<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/press_briefing_globalfinancialstabilityreport_96457.html>
09:00 AM - 10:00 AM Live streaming on IMFConnect
Open attendance
CONF. HALL 2, HQ2-01A-830

Press Briefing: Fiscal
Monitor<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/press_briefing_fiscalmonitor_96461.html>
10:30 AM - 11:30 AM Live streaming on IMFConnect
Open attendance
CONF. HALL 2, HQ2-01A-830

LICs Panel II: Scaling-Up Public Investment and Debt
Sustainability<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/lics_panel_ii_scaling-uppublicinvestmentanddebtsustainability_96472.html>
11:00 AM - 12:30 PM Live streaming on IMFConnect
Open attendance
JACK MORTON AUDITORIUM

Cultural Event : Music and Dance from Eastern Europe and Central
Asia<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/cultural_event_-imffaakaleidoscopeofmusicanddancefromeasterneuro_98537.html>
[cid:image002.jpg@01D19560.3AD34B60]
12:00 PM - 1:00 PM
Open attendance
HQ2 ATRIUM

Conflicts and the Refugee Crisis: An International Call for
Action<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/conflicts_and_therefugeecrisisaninternationalcallforaction_96713.html>
12:30 PM - 2:00 PM Live streaming on IMFConnect
Open attendance
LISNER AUDITORIUM

LICs Panel III: Promoting Economic Development in LIDCs: Key Implement Challenges <https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/lics_panel_iii_promotingeconomicdevelopmentinlidcskeyimplementch_96634.html>
2:00 PM - 3:30 PM Live streaming on IMFConnect
Open attendance
JACK MORTON AUDITORIUM

Collect More and Spend Better - The Role of Capacity
Development<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/collect_more_andspendbetter-theroleofcapacitydevelopment_96631.html>
4:00 PM - 5:30 PM Live streaming on IMFConnect
Open attendance

JACK MORTON AUDITORIUM

Getting Down to Business: Women, Work and the Global
Economy<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/open/2016/04/13/getting_down_to_businesswomenworkandtheglobaleconomy_96652.html>
4:00 PM - 5:30 PM Live streaming on IMFConnect
Open attendance
LISNER AUDITORIUM

G-24/AFI Roundtable Meeting<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/byinvitation/2016/04/13/g-24_afi_roundtablemeeting_96638.html>
6:00 PM - 8:00 PM
BOARD ROOM, HQ1-12-120A


For a more detailed schedule, click here

<https://www.imfconnect.org/content/imf/en/annual-meetings/calendar/byinvitation/2016/04/11/imf_journalism_fellowshipprogramspringmeetings2016_97770.week.html>.
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Download Documents and Publications
[cid:image003.jpg@01D19560.3AD34B60]<https://www.imfconnect.org/content/imf/en/annual-meetings/Documents-Publications.html>
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https://www.imfconnect.org/content/imf/en/annual-meetings/videos_and_photos.html
Did you know that you can download photos from the various events of the 2016 Spring Meetings on IMF Connect? Click on the "Videos & Photos<https://www.imfconnect.org/content/imf/en/annual-meetings/videos_and_photos.html>"
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The World Bank has told government to improve infrastructure project preparations if Uganda is to realise value for money as well as minimise shoddy works. The rush to exute projects , coupled with political ambitions to getting things done in a short period of time, costing the country billions of shillings in shoddy works.

Launching Africa's pulse report in Washington DC on Monday a head of World Bank/ International Monetary Fund Spring Meetings due this Friday, the World Bank Country economist, Dr Jean-Pascal Nguessa, said there is need to improve public investment and management in projects. "Uganda government needs to improve the quality of infrastructure project preparations by doing right feasility studies and carrying out proper due dilegence in the various infrastructures it is undertaking to realise value for money and also to get good returns in these projects " he said Reference Daily monitor Wed April 13,2016.

Water Governance Institute, a member of the Uganda Tax Justice Alliance Network together with ten other Civil Society Organizations (CSOs) issued a press statement on tax evasion scandals by corporations in respect to the leaked PANAMA papers that explained how multinational companies are evading or avoiding paying taxes in host countries where they operate. This is particularly true in developing countries that are greatly starved of capital to provide social goods and services.


We consider this un acceptable and one of the drivers to the rampant and persistent poverty in developing countries. press_release  Action_Aid Mbike_Panel

Kenya, Uganda and Tanzania government officials start a three-day meeting today in Kampala to discuss a technical report on the contentious $4 billion (Sh400 billion) crude oil pipeline route.

The investment potential if landlocked Uganda decides on whether the pipeline transverses northern Kenya to the proposed Lamu port has raised stakes of the meeting.

The report consists details of the three potential routes; the Tanga in Tanzania, backed by a Gulf Interstate Engineering study and the southern and northern Kenya routes, supported by the Toyota Tsusho feasibility study.

The team is expected to reach a conclusion on the most cost-effective route to transport 600 million and 6.5 billion barrels of oil from Kenya and Uganda respectively.

Energy and Petroleum Principal Secretary Andrew Kamau said the outcome of the discussion will be presented at the Northern Corridor Integration Projects (NCIP) summit in Kampala in a fortnight.

Kenya, Uganda, Rwanda, South Sudan and Ethiopia presidents are keenly following the discussions because the pipeline is considered a key resource within the Northern Corridor projects.

The northern Kenya route starts from Hoima and goes through Lokichar to Lamu. If Uganda opts out of the Kenya route, it will take the Hoima to Tanga one.

Uganda Energy minister Irene Muloni said on phone that their main interest is “a least cost route considering tariffs, terrain, infrastructure and viability of the port of transportation.”

Ugandan officials said Tanzania had waived land fees, transit charges and taxes on the pipeline, but critics argue that such a deal is not economically-viable.

The Kenyan government, however, will charge Uganda Sh1,280 per barrel of oil transported through the Hoima-Lokichar-Lamu route.

If the pipeline passes through northern Kenya, it will be owned by the two governments, Total which owns a majority stake in Uganda oil fields, Tullow Oil and China Offshore National Oil Corporation.

“KPC [Kenya Pipeline Corporation] will come in at the very last stage to manage the crude oil pipeline,” said John Ngumi, the chairman at an interview with Business Daily.

“Kenya is clear that it prefers the northern route through Lamu, for its added advantage presented by the Lamu Port South Sudan Ethiopia Transport (Lapsset) corridor,’’ he said.

Mr Ngumi said that oil-dependant South Sudan could also opt for the Kenyan route, adding that “it will make sense to extend it to serve Ethiopia which lacks a crude oil pipeline.

“This will boost the country’s share of wealth, Juba pays Khartoum $25 (Sh2,500) per barrel in transit fees and Kenya presents a more affordable option through Lamu,” Mr Ngumi said. Reference

 PRESS RELEASE

Transparency International-USA calls for greater transparency of anonymous companies in the United States following the massive Panama Papers leak.

The massive leak of 11.5 million files dubbed the “Panama Papers” highlight the vulnerability of the global financial system and showcase how easy it is for public officials to use anonymous companies to hide their identities.

 Washington D.C., 4 April, 2016 – The leaked Panama Papers reveal the offshore holdings of over 100 politicians and public officials from around the world.  The list includes current and former world leaders and the offshore entities in the leak are connected to people in more than 200 countries and territories. 

 Unfortunately, it is not just Panama and other tax havens that provide vehicles for kleptocrats and other criminals to launder their illicit wealth and enjoy it in financial centers around the world.  In every state in the United States, one can incorporate a legal entity without having to disclose who controls the entity or derives economic benefits from it.  In fact, so synonymous is Delaware with anonymous companies and ghost corporations that it was named in Transparency International’s Unmask the Corrupt campaign (Unmaskthecorrupt.org) as one of the most symbolic cases of corruption.

 “It is time for the United States to end the secrecy around anonymous companies and help prevent the flow of illicitly acquired funds into the United States” said Claudia J. Dumas, President and CEO of TI-USA.

 The U.S. government has pledged to increase transparency of companies formed in the United States in various fora such as the Open Government Partnership National Action Plan, G8 Action Plan for Transparency of Company Ownership and Control, and most recently the G20 High Level Principles on Beneficial Ownership transparency. However, meaningful progress in the U.S. remains elusive.

 The U.S. Government should pass the Incorporation Transparency and Law Enforcement Assistance Act introduced earlier this year by Representative Carolyn Maloney (D-NY) and Senator Sheldon Whitehouse (D-RI) that would require Treasury/states to collect, maintain and update beneficial ownership information on legal entities for law enforcement purposes.  Ideally, this information should be public so that corrupt individuals cannot hide behind layers of anonymous companies. 

 The initial stories coming out of the Panama Papers leaks also show the use of anonymous companies in real estate transactions to hide corruptly acquired funds by wealthy individuals from outside the United States.

 In addition to legislation to collect beneficial ownership information upon company formation, gatekeepers involved in luxury good purchases such as the real estate industry should be required to conduct due diligence into buyers’ identities and the sources of their funds” said Shruti Shah, Vice President for Programs and Operations at TI-USA.

 Several investigations in the past have also shown how corrupt officials and money launderers utilize the U.S. financial systems to conceal, transfer and spend the illicit funds.  Therefore, the U.S. Department of Treasury should issue without delay rules requiring financial institutions to determine and verify the identity of the beneficial owners of corporate customers.  

 Over the years, the United States has committed to combating the flow of the proceeds of foreign corruption into the United States in a number of different fora.  By adopting the reforms recommended above, the United States would send a strong signal that it is taking the necessary steps to uphold its commitments.

 Transparency International-USA is the U.S. chapter of the global Transparency International movement, which is present in more than 100 countries around the world. TI-USA is committed to improving governance both in the United States and internationally.

Notes to Editors:

 

  • The Panama Papers can be found here .
  • Under its recent initiative, UnmasktheCorrupt, Transparency International is calling on governments around the world to deny the corrupt the ability to enjoy luxury lifestyles with ill-gotten gains and to take actions to support the return of funds to the countries from which funds have been stolen. It is calling for an end to secret companies, public registries that reveal the beneficial owners behind all companies, restrictions on the foreign travel of corrupt individuals and requirements for those selling real estate and luxury goods to do adequate due diligence on their customers.
  • More information on beneficial ownership transparency can be found here.
  • TI-USA’s previous letter to the Financial Crimes Enforcement Network (FinCEN) can be found here and here .
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