If Not Now, When?

Three actions the G20 must take now to protect the world’s poor from the economic crisis and build a new political and economic governance system

Published: 13 November 2008

The world’s poor must not pay the price for the collapse of financial markets. Without immediate action, millions will suffer. Poor women and children will pay for the financial folly, failed ideology and crude self-interest that led to this crisis.

Oxfam is calling on the G20 leaders to do three things:

  • Honor the OECD pledge not to cut development assistance, and increase aid instead by an additional $140 billion necessary to meet the UN target of 0.7 per cent of GNI immediately. In addition, urgently extend credit to emerging markets facing liquidity crises.

  • Rewrite global financial rules and regulations to make the market work for all and not just for the few, including tackling tax havens and moving towards a more stable exchange rate system.

  • Build a new representative global governance system so it can tackle the economic, food, and energy crises.