Statements by World Bank President Robert Zoellick and IMF Executive Director Christine Lagarde at the B20 World Economy Outlook session, Los Cabos

Published: 18th June 2012

Oxfam spokesperson Carlos Zarco said:

“Emerging economies are bailing out Europe, and they need something in return. Europe has to make room at the IMF decision-making table for the rest of the world.

“The IMF’s firepower must be used for poor countries and not just Europe.

“Poor countries depleted their reserves defending themselves against the economic crisis caused by the rich world, and are also having to cope with massive aid cuts.

Christine Lagarde told the B20 that the "tectonic plates are being realigned" and the IMF must change to look much more like the world economies look today. Lagarde noted that this change would be "painful."

Zarco said: “The impact of the crisis is not being felt in Europe alone. People in developing countries are having to cope with severe food shortages and are not receiving enough attention from G20 leaders.

“More than half the world’s poorest people live in G20 countries, and leaders have a responsibility to them as well. Action is needed now to protect poor people from economic and food crises that have left one in seven people in the world hungry.”

Related links

Blog: G20 leaders hold the key to a sustainable & secure future

An Oxfam Activist's Guide to the G20

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