Oxfam reaction: Opening remarks at World Bank - IMF annual meetings

Oxfam spokesperson Caroline Pearce said:

On economic growth:

“The Eurozone crisis will cost lives in the poorest countries unless we see action. Poor countries are reeling from soaring food prices and slashed aid budgets.  Financial markets must be tamed and more money found for the poorest.’

“Zoellick says it’s the responsibility of rich countries to sort out their economies. Rich countries also have a responsibility to find finance to fight escalating poverty at home and abroad. The proposed European financial transactions tax is a promising solution.”

“The World Bank has not got serious enough about inequality. The economic crisis has hit the poorest and most marginalized the most. Economic growth without efforts to tackle inequality won’t solve poverty, and will undermine prospects for future growth and stability.”

On women and development:

“The global economic crisis has hit women hardest. We’re pleased to hear the Bank talk about what women can do for development, but more needs to be said about what development can do for women.”

Reaction: IMF MD Christine Lagarde

“Lagarde talked about the ‘four Rs’ [repair, reform, rebalance, rebuild]. There’s a fifth ‘R’ needed: Revenue.  A European financial transactions tax is now becoming a reality, and the World Bank is recommending surcharges on shipping fuels. This will raise billions which should be used to fight poverty and climate change.”