Oxfam reaction: Leading Group on Innovative Financing at MDG Summit

Published: 21st September 2010

Commenting on the discussion today about innovative funding for development at the MDG Summit Leading Group on Innovative Finance, Oxfam spokesperson Veronica Hernandez said:

"We welcome this report, which underlines the potential of taxes on the financial sector to raise money that can help the world's poorest people. Our research shows that the poorest countries' budgets are missing a huge $65 billion because of the economic crisis caused by the banks. A tiny tax could raise $400 billion every year, and as the IMF has said, would be feasible way of raising additional money to help meet poverty targets.
Yesterday Presidents Sarkozy and Zapatero committed to pushing for a financial sector tax which could raise billions to fight poverty and climate change that are blighting the poorest countries. We’re hoping other leaders at this poverty summit take action to unlock life-saving money as soon as possible. We ‘re disappointed that Germany's Chancellor Merkel in her address at the MDG Summit today failed to join this rallying call rallying call."

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Contact information

In New York: Caroline Hooper-Box on +1 202 321 2967 or Caroline.Hooper-Box@oxfaminternational.org, @hooperbox