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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.

The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.

In “Powering the Transition,” Oxfam details how together, the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank are investing almost $5 billion in fossil fuels in the 10 Asian countries that belong to the Climate Vulnerable Forum.

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. 

The World Bank and the IMF must seize their early chance in what could be a watershed year to end extreme global poverty by putting the battle against inequality, climate change and tax dodging at the very top of its Spring Meetings’ agenda this week. 

With the World Bank and International Monetary Fund Annual Meetings wrapping up, Nadia Daar, the head of Oxfam International’s Washington office commented on the week’s events, including developments on inequality, climate change, and tax policy. 

The strategy to end extreme poverty and support inclusive growth is an important milestone for the World Bank and Oxfam welcomes Jim Kim’s vision and commitment.

Oxfam applauds the World Bank's new strategy to halve extreme poverty by 2020 and end it by 2030, but swift action is now needed to bring the strategy to life.

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.

The World Bank and International Monetary Fund need to ditch the ‘trickle down’ economics of the past and lead the fight against inequality if they are serious about the new target to end extreme poverty by 2030.