World Bank
World Bank President Jim Yong Kim speaks at a news conference during the 2016 World Bank-IMF Spring Meeting in Washington on April 14, 2016. REUTERS/Joshua Roberts

The International Monetary Fund and the World Bank said Tuesday they are joining forces with other international organizations to cooperate on tax issues and develop new tools and standards for taxing multinational enterprises.

The new group, which will also include the United Nations and the Organization for Economic Cooperation and Development (OECD), will especially focus on building effective tax systems in developing countries and avoid tax base erosion, the partners said.

IMF World Economic Outlook | Graphiq

The decision by the organizations to formally cooperate predates the release of the Panama Papers earlier this month, which highlighted the widespread use of tax-haven countries by wealthy individuals to avoid taxes. But an IMF official said the groups welcomed the heightened attention on tax issues that the controversy has stoked.