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Responding to the IMF Board of Governors’ approval of a Special Drawing Rights (SDR) allocation of $650 billion, Nadia Daar, Head of Oxfam International’s Washington DC Office, said: “New SDRs will bring much-needed liquidity to struggling developing countries without adding to their unsustainable debt burdens. Now that this historic SDR issuance has been approved, governments must work transparently and together with civil society to ensure these resources are used to rescue collapsing health services and bolster social protection, and to deliver a fair and climate just recovery.  

The World Bank’s report shows clearly that billions of people were more vulnerable to the economic impacts of COVID-19 because of decades of economic policies which have kept them living one paycheck away from poverty, while the richest in society accumulate ever more wealth.

The Arms Trade Treaty is a potential ground-breaking humanitarian treaty that would regulate the international trade in conventional weapons.

As the International AIDS Conference wrapped up today, international aid agency Oxfam praised the advocates and the scientists who have ignited momentum to shift from “fighting AIDS” to “ending AIDS,” and urged governments and the pharmaceutical industry to make this vision a reality.

The European Parliament voted today on a resolution on the Arms Trade Treaty (ATT) that will be negotiated at a major UN conference in New York on 2 – 27 July.

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.

In reaction to 62 states signing the Arms Trade Treaty today at the United Nations in New York, Anna Macdonald, Head of Arms Control, Oxfam said:

Oxfam's verdict on the World Bank and International Monetary Fund Annual Meetings. 

The IMF has already said that the coronavirus pandemic will trigger the worst economic fallout since the Great Depression —if ever there was a time to expand SDR allocations in a major way, it is now, said Oxfam today in response to the communiqué of the International Monetary and Financial Committee.

Oxfam’s Nicolas Mombrial said: