Oxfam's Nadia Daar commented on the Bank and the IMF's progress on climate change, inequality, education, and more.
The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.
Responding to a speech by the president of the World Bank, Oxfam's Nadia Daar said: "The Bank must guarantee that in any dealings with the private sector, reducing poverty, protecting the environment, and helping communities will take priority over financial gain.
Supporting countries to achieve universal, equitable high-quality public education must be a core priority for the World Bank Group if it is to achieve its twin goals of ending poverty and promoting shared prosperity.
“This is great and sorely needed news at a time when the world faces a sobering set of challenges," said Nick Galasso, interim head of Oxfam International's Washington office.
Oxfam's verdict on the World Bank and International Monetary Fund Annual Meetings.
As the Annual Meetings of the World Bank kick off in Washington this week, Oxfam welcomed the focus on inequality, but urges top officials at the institution to align their words with their actions if they are serious about combating inequality and poverty.
The International Finance Corporation, the World Bank’s private lending arm, has little-to-no control over how around 90 percent of its investments into commercial banks and other financial institutions are used.
Over the past six years, the International Finance Corporation has channelled over $50bn to the financial sector. However, the evidence continues to grow that this private sector arm of the World Bank Group has little control over how a great deal of this money is spent.