No breakthrough on the big issues at Spring Meetings

Published: 23rd April 2017

At the close of the World Bank and International Monetary Fund Spring Meetings, Nadia Daar, the head of Oxfam International’s Washington office commented on the following:

On the World Bank and climate finance:

“We were pleased to hear Kim reiterate the Bank’s commitment to combating climate change; however, we’re hesitant about how they plan on doing that.

“While more resources are always welcome, Oxfam has repeatedly said that the best way to get help to poor communities dealing with climate changes’ impacts is to give them access to public funds specifically marked for adaptation projects.

On the exclusion of climate change from the G-20 and IMFC statements:

“The G-20 took out climate change from their statement last month. They passed up on their chance to correct that mistake during these Meetings. Disturbingly, the IMFC also removed any mention of ‘climate’ from their communique. This cannot be the new status quo.”

On the IMF’s efforts to combat tax evasion:

“We're not seeing the leadership we need from these institutions. This is a tricky time-- some countries are taking steps that put the hard-fought progress we've made at risk. If the IMF and the Bank want to fight inequality and make trade work for everyone, then cooperating and tackling tax competition will be indispensable.”

On the IFC’s change to their financial intermediary lending strategy:

“After pressure from Oxfam and other organizations, we're encouraged by the IFC’s commitments to improve oversight and be more selective of its high-risk financial intermediary investments. Hopefully this will help the institution meet its own standards and spur clients to improve theirs. What we're still waiting for, and which is key, is transparency from the IFC to show where their money is really ending up.”

On the World Bank’s support for for-profit schools:

“The tide is beginning to turn against for-profit schools. African governments are starting to get fed up with their failure to meet standards. It’s time the World Bank Group catches on and drops support for these schools, and instead fully commits to promoting a quality, free, public education to all children.”

On the international response to the threat of four famines:

"The international community is still not responding boldly or quickly enough to the unprecedented threat of four famines. We heard leaders recognize that conflicts and politics are driving these crises, and the need to inject urgent aid and access to deliver it. The international community cannot wait longer. We must not allow a catastrophic loss of life to happen on our watch.”

Contact information

Simon Hernandez-Arthur in Washington, D.C.

+1 585 503 4568