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Oxfam is calling on the World Bank Group to put safeguards in place to ensure that its clients can prove they are paying their fair share of tax.

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.

Responding to IMF Managing Director, Christine Lagarde’s curtain-raiser speech today, ahead of the IMF and World Bank Spring meetings, Nadia Daar, Oxfam International’s Head of Washington office, said: “Madame Lagarde reminds us that traditional approaches to economic growth are failing and poor countries are being hit hardest. We are glad the IMF recognizes the ‘winner takes most' economies we have created are unsustainable and we welcome her call to address excessive inequality through progressive tax measures and more spending on public services such as education…

Responding to the publication of the Fiscal Monitor by the International Monetary Fund today, Susana Ruiz, Oxfam International's Tax Policy Lead, said: “Oxfam strongly welcomes the IMF’s call for progressive and emergency taxes to fund the recovery from the COVID-19 crisis, including taxing excess corporate profits and top income levels.

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. 

G20 finance ministers meeting in London this weekend should provide a $280 billion bailout for millions of poor people struggling to survive the economic crisis. We provide three easy ways the G20 could deliver this up.

The International Monetary Fund (IMF) today publishes a major new report on global corporate taxation: “Spillov

'In terms of a plan to reduce extreme income inequality, we are left empty handed. There has been a lot of talk and a raw sketch of plan of action in the communique, but it’s just a drop in the bucket.”

The $8.42 trillion promised by rich country governments to bailout banks would be enough to end global extreme poverty for 50 years and a massive step towards ending it forever.

Oxfam is encouraged by World Bank President Dr. Jim Yong Kim’s rejection of trickle-down economics and his clear stance on the enormous challenge inequality poses across the world.