Fighting inequality is not just an issue of fairness but an economic necessity. That’s not Oxfam speaking, but the International Monetary Fund today.
At the Annual Meetings of the World Bank and the IMF in Peru this week, moves to help combat inequality and climate change were announced, but G20 finance ministers failed to adequately address the skewed international tax system, said Oxfam today.
G20 finance ministers in Lima today endorsed international tax reforms for tackling tax dodging launched by the Organization for Economic Cooperation and Development (OECD). While the measures are a tax milestone, they poorly represent the critical needs of developing countries, Oxfam warned today.
In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.
Oxfam is encouraged by World Bank President Dr. Jim Yong Kim’s rejection of trickle-down economics and his clear stance on the enormous challenge inequality poses across the world.
Oxfam has calculated that if inequality in the Latin America and the Caribbean (LAC) region were to be reduced by five points between 2011 and 2019, some 17.4 million people could move out of poverty. If the opposite were to occur, a five-point increase could result in an additional 18 million people living in poverty.
Oxfam welcomes Pope Francis' message on human rights and justice for sustainable development, delivered at the opening of the historic Sustainable Development Summit in New York.
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