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Oxfam welcomes the EU increasing its aid for education, public health and gender equality in developing countries in its budget for 2019. However, it still falls short of allocating 20 percent of the aid budget to these vital areas.

With its new long-term budget, the EU missed a chance to put itself at the forefront of a fair and green recovery from the coronavirus pandemic, Oxfam said today.

The European Commission has published details of its planned foreign affairs spending for 2021-2027. While there are some positive points which we welcome, there is a risk that aid money can now be used for inward-looking policies on migration and security, rather than long-term sustainable development.

The World Bank is forecasting that, for the first time ever, the number of people living in extreme poverty will fall under 10% of the world's population, to around 702 million people.

Today’s World Wealth Report from Capgemini shows that times have never been better for the world’s wealthiest - since 2009 more than 4.5 million new millionaires have been created, rising to a total of 15.4 million millionaires across the world last year. Yet while the wealthy prosper, 702 million people living in extreme poverty are being left behind.

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, together with civil society organizations, welcomes the World Bank’s International Finance Corporation (IFC) announcement that it will not resume its investments in K-12 private schools, following the release of an independent evaluation by the World Bank Independent Evaluation Group (IEG) on the IFC’s investments in this area.  

The budget deal struck by EU governments, the European Parliament and the European Commission promises more funds for the EU’s external action, but diverts money from those most in need, warn development and humanitarian organizations.

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. 

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.