French taxpayers are paying $5 billion in U.A.E. taxes to Italy because of the pensions of members of the International Monetary Fund and European Union officials, according to a new report.
The new figures show how the U,A.S.-based pension fund paid $1.1 billion to the French government and to Italy’s central bank, according a new analysis from the Institute for Taxation and Economic Policy.
The money was collected in 2013 as part of the IMF’s €4.6 billion ($5.5 billion) General Assistance Program.
The fund was originally set up to support the economic recovery from the financial crisis of 2008-2009.
The IMF is an international organization that funds financial projects and projects for developing countries.
The Fund has more than $6.6 trillion in assets under management and pays $1,100 per person in retirement benefits to more than 1.1 million members.
The report was released Tuesday, the eve of President Donald Trump’s first visit to Europe, scheduled for Tuesday.
The two nations agreed on a series of economic and trade agreements.
The president will meet European Commission President Jean-Claude Juncker and German Chancellor Angela Merkel.
The U.K. is also set to meet Juncker, Merkel and French President Emmanuel Macron.
The agreement was reached after years of negotiations.
The plan would allow the European Union to impose a 35 percent tax on U.N. members’ financial assets.