Reaction to development part of G20 communique

About Financial Transaction Tax (FTT) and innovative financing for development
 
Luc Lampriere of Oxfam International said: “We are pleased that France, as the next G20 chair, has been mandated to press ahead on innovative financial mechanisms for climate and development.
 
“The G20 should listen to the advice of the High Level Advisory Group on Climate Change Financing which supports financial transaction taxes and other feasible options.”
 
About G20 support for an African free trade area
 
Jeremy Hobbs, Oxfam International Executive director, said: “The G20's support for an African free trade area is no substitute for real progress on duty free, quota free access for the poorest countries to rich countries' markets.”
 
About IMF reform
 
Jasmine Burnley of Oxfam International said: “The much-heralded reform of IMF voting amounts to little more than robbing Peter to pay Paul.
 
“In reality, developing countries quota share will only increase by 2.8 per cent. Pakistan, Bolivia and Nigeria are paying for China and Brazil’s gain.”
 
About Climate change
 
Jeremy Hobbs, Oxfam International Executive Director, said: “With less than a month to the Cancun summit, the G20 has missed the opportunity to create real momentum towards a global deal to tackle climate change.”

Contact information: 

Contact: Jon Slater +82 (0)10 5784 0072