Oxfam reaction: G20 Ministerial

Oxfam spokesperson Luc Lamprière said:

Financial transaction tax:

The Financial Transaction Tax is now on the fast track to becoming a reality. A FTT could raise billions to help the poorest people and to fight climate change.

Charges on dirty shipping fuels

“A charge on dirty shipping and aviation fuels will be a major boost to poor countries needing to adapt to climate change.

Mobilizing resources domestically

“The G20’s interest in transparency and corruption is welcome and necessary, but disappointing that they didn't say more about tax havens. The G20 is talking about raising money for development, but still hasn’t done what it should to stop tax dodgers draining money out of poor countries.

“The G20 must make financial flows into and out of developing countries more transparent, helping the fight against corruption.

 Agriculture
“The food price crisis obliges the G20 to get serious about volatility, through better regulation and increased transparency of financial markets.

 “The G20 should support strong regulation to temper the reckless speculation which is fueling volatility.

Announcement of a regional food reserve in West Africa

Oxfam welcomes this announcement. Food stocks are at low levels, and we’ve been calling for reserves for some time, as an important part of a response to the food crisis.

But reserves should not only be for emergencies, they should also be set up to help regulate local prices and contribute to avoiding future crises.