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At the Annual Meetings of the World Bank and the IMF in Peru this week, moves to help combat inequality and climate change were announced, but G20 finance ministers failed to adequately address the skewed international tax system, said Oxfam today.

“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”

Ministers must deliver on their climate finance promises and support a second wave of attack on corporate tax cheats if their Lima meeting is to succeed, said Oxfam today. 

Unresolved rigged tax rules and privatized development are the major drawbacks of the UN Financing for Development Conference outcome, says Oxfam.

EU finance ministers still cannot agree on decisive elements of a European Financial Transaction Tax - a missed chance for a strong signal to the climate summit in Paris.

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.

Oxfam congratulates António Guterres on his appointment to what is arguably one of most challenging jobs on the planet. Mr. Guterres brings a wealth of experience and leadership to the role to guide the UN in the years to come.  

“Oxfam is dismayed at this third consecutive year of rising hunger. We’re back to where we were a decade ago. As ever, hunger is caused by human actions that drive poverty and inequality, conflict and war, poor governance, wastage, and worsening climate change," said Oxfam International’s executive director Winnie Byanyima in response..

Oxfam condemns today’s decision by EU Finance Ministers to delay talks on a European Financial Transaction tax (FTT) until December. 

Over 50 leading financiers have expressed their support for a European Financial Transaction Tax (FTT) ahead of a meeting of Finance Ministers in Brussels next week. In an open letter to European leaders, the financiers argue the FTT will reduce financial instability and raise significant additional government revenue.