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Christine Lagarde, the International Monetary Fund’s managing director, and Jim Yong Kim, president of the World Bank, spoke Tuesday about their institutions’ priorities ahead of next week’s spring meetings in Washington. 

Reacting to the draft G20 communiqué circulating on Monday 17th, Oxfam spokesperson Carlos Zarco said:

As the Annual Meetings of the World Bank kick off in Washington this week, Oxfam welcomed the focus on inequality, but urges top officials at the institution to align their words with their actions if they are serious about combating inequality and poverty. 

Oxfam warned today that millions of people in East and Central Africa, already suffering due to flooding and the impact of coronavirus, are at risk of increased hunger and poverty as the region braces for the latest generation of locusts which are due to hatch in June ―just when crops are to be harvested.

In response to the COP28 decision to advance the establishment of a loss and damage fund, Lyndsay Walsh, Oxfam’s Climate Policy Advisor, said: “After 32 years of pressure and 27 COPs, we finally have a loss and damage fund. Despite the shortcomings in its structure, this is a very welcome step towards supporting people recovering from the severe and irreparable consequences of climate-fueled disasters. However, this isn’t the end of the journey."

The World Bank continues to steadily increase support for privatized education in lower-income countries despite mounting evidence that this approach is freezing out poorer children ―especially girls― and doesn’t mprove education quality. Oxfam’s new report "False Promises" says the Bank should immediately stop promoting Public Private Partnerships (PPPs) that expand private education.

Following the abuses revealed in the Panama Papers, world leaders attending the Spring Meetings of the World Bank and International Monetary Fund this week must seize the moment to take decisive action and help end the era of tax havens, said Oxfam today.

International agency Oxfam warned that today’s announcement of the "New Alliance for Food Security and Nutrition" focuses too heavily on the role of the private sector to tackle the complex challenges of food insecurity in the developing world.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

The World Bank and IMF must step up their support for developing countries who are struggling with spiking food prices along with the fallout from Europe’s fiscal crisis, Oxfam said ahead of the annual meeting of the institutions in Tokyo this week.