Oxfam verdict on the World Bank/IMF Annual meetings 2014

Published: 12th October 2014

Nicolas Mombrial, Oxfam’s spokesperson said,

On Equality:

'In terms of a plan to reduce extreme income inequality, we are left empty handed. There has been a lot of talk and a raw sketch of plan of action in the communique, but it’s just a drop in the bucket.”

On Ebola:

“The World Bank and the International Monetary Fund started the ball rolling to encourage funding for Ebola at the Annuals, but Governments must maintain the momentum.”

“Right now, there are amazing promises, but few deliverables. The longer we wait, the greater the cost.”"In addition to urgent action now, we must also look down the road to prevent future crisis. Jim Kim’s proposal for an epidemic fund is a good idea, but it needs to come side by side with sustained investment in public health systems.”

On Tax:

“We welcome the Governor’s support for the International Monetary Fund to play a role in cracking down on tax evasion and tax avoidance.”

“Developing countries are losing $156 billion in tax revenue to offshore tax havens, which could bring in huge revenue flows for public services like health and education.”

On the Global Infrastructure Facility:

“While the World Bank's new $15-billion infrastructure facility is welcome, it is critical to ensure it benefits the needs of ordinary people.”

“We need safeguards for people and not just investors that might be more interested in profit over development.”

On the Poverty Reduction and Growth Trust for low income countries:

The call for the Fund to extend the interest relief in the program for low income countries should be a no-brainer.


Notes to editors

Oxfam’s January report "Working for the Few" revealed that just 85 people owned the same wealth as the bottom half the world’s population.

The World Bank and the IMF have given a combined $530 million to the three countries on Ebola. More info:
The number of Ebola cases is doubling every day. The World Bank this week estimated that the epidemic could cost West Africa $32 billion dollars.
The UN estimates that $1 billion is required for the next 6 months. According to OCHA $347M have been delivered.

Contact information

Patricia Brooks, patricia@matchmpamedia.com, (202) 351-1757