New Telegraph

Imf, Others Launch Platform To Promote Access To Subsidy Information

The heads of the International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD), the World Bank, and World Trade Organisation (WTO) yesterday announced the launch of a Joint Subsidy Platform (JSP) to enhance transparency on the use of subsidies. According to a press release, the JSP is intended to facilitate access to information on the nature, size, and economic impact of subsidies, with a view to facilitating dialogue on their appropriate use and design.

The statement said that following the launch of the Platform, Ngozi Okonjo- Iweala (WTO), Mathias Cormann (OECD), David Malpass (World Bank), and Kristalina Georgieva (IMF) issued the following joint statement: “Since we launched the joint report on Subsidies, Trade, and International Cooperation in April 2022, the magnitude of costly subsidies has grown and so have tensions around their use. At the same time, a succession of international emergencies and the growing urgency of the climate crisis underscore that in some circumstances well-designed subsidies can have a legitimate, albeit often only temporary, role.

“Governments that decide to use subsidies to address market failures need to ensure that these measures are transparent, respect trade commitments, and do not undermine policy predictability.”

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