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Every year, the Somali diaspora sends home approximately $1.3bn. But this system of remittances to Somalia is under threat, particularly in the US and the UK.

Luc Lamprière, spokesperson for Oxfam said:

The EU has whitewashed two of the world’s most harmful tax havens in today's review of the its tax haven list, says Oxfam.

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.

Wealthy nations are expected to fall up to $75 billion short of fulfilling their long-standing pledge to mobilize $100 billion each year from 2020 to 2025 to help the most vulnerable countries adapt to the dangerous effects of climate change and reduce their emissions, according to estimates by Oxfam today.

Today, the European Commission presented its proposal for new sources of revenue for the EU’s budget.  

A European tax on financial transactions would be fair, practical and popular and could raise as much as €210 billion to tackle poverty and climate change, according to Oxfam's new report.

Domestic Revenue Mobilisation is key for governments to fund their own development goals, finance gender-responsive public services and to reduce economic, social and gender inequalities. While the EU is leading the way when it comes to the quantity of aid it provides towards domestic revenue mobilisation, there is significant room for improvement when it comes to the quality of the aid provided.

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

High levels of inequality across Africa have prevented much of the benefits of recent growth from reaching the continent’s poorest people. To combat inequality in Africa, political and business leaders have to shape a profoundly different type of economy.