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722 of the world’s biggest corporations together raked in over $1 trillion in windfall profits each year for the past two years amid soaring prices and interest rates, while billions of people are having to cut back or go hungry. 

The threat of “COVID famines” and widespread extreme hunger are setting off every alarm bell within the international community, but so far sluggish funding of the UN's appeal is hampering humanitarian agencies’ efforts to deliver urgent assistance to people in need.

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.

As the G8 Summit comes to a close, international agency Oxfam criticized the leaders for their failure to deliver on their promises and for trying to divert attention by cobbling together a small initiative for maternal and child health.

One person is likely dying of hunger every 48 seconds in drought-ravaged Ethiopia, Kenya and Somalia, according to estimates by Oxfam and Save the Children in a report published today highlighting the world’s repeated failure to stave off preventable disasters. 

Luc Lamprière, spokesperson for Oxfam said:

Income inequality is high or increasing in 60 percent (64 out of 106) of low- and middle-income countries receiving grants or loans from the International Monetary Fund (IMF) and World Bank, reveals new Oxfam analysis ahead of the 2024 Spring Meetings in Washington D.C. Countries with high levels of income inequality have Gini coefficients above 0.4, the warning level set by the United Nations.

A new Oxfam report today says that as many as 11 people are likely dying of hunger and malnutrition each minute. This is more than the current global death rate of COVID-19, which is around seven people per minute. The report, ‘says that conflict remains the primary cause of hunger since the pandemic, pushing over half a million people into famine-like conditions ―a six-fold increase since 2020.

The European Union, which holds eight seats out of twenty four on the International Monetary Fund (IMF) board, has made an offer to rotate some of their IMF board seats with middle-income countries