Tagged: global economic crisis
World leaders have an historic opportunity to reform the global economy to ensure that the one in six people who live in extreme poverty benefit from economic recovery, international agency Oxfam said today ahead of the G20 summit in Seoul.
In a major new report, Oxfam calls for aid to be increased, better targeted, made more predictable and governed more accountably.
Contrary to the positive picture painted by the International Monetary Fund in its 2010 World Economic Outlook, poor countries are being forced to cut back on their economic crisis-response spending too soon.
Poor countries are being forced to cut back on their economic crisis-response spending too soon. Education and social protection budgets are particularly badly affected. Oxfam is calling on the IMF to take steps to reverse this trend.
G7 finance ministers meeting in Canada this weekend must agree to a Financial Transaction Tax to leverage billions needed to help poor nations deal with the impact of the global economic crisis.