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Oxfam welcomes the G20’s attention to the sovereign debt crisis in the Global South, but warns about the risks involved in the G20’s approach to resolve it, outlined in more details in the IMF and World Bank Non-Paper on Actions to Support Countries Faced With Liquidity Challenges.  We strongly support the approach’s aim to significantly increase the net flow of resources to the Global South to back ambitious, country-owned national development and climate strategies. We urge the G20 to adopt several elements of the plan, including increasing bilateral grants, reviewing relevant IMF policies, increasing IMF and multilateral development banks’ resources including but not limited to a generous IDA21 replenishment, and redoubling efforts to promote effective and equitable domestic resources mobilization.

Europe’s crisis must be fixed because it is becoming a serious drain on developing countries already reeling from volatile food prices and aid cuts. But it’s not good enough for the G20 to fixate on Europe and forget about the rest of the world.

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.

A global bank tax to help poor countries survive the economic crisis must be urgently agreed, Oxfam said today ahead of the G20 meeting of finance ministers in Busan, South Korea.

Oxfam spokesperson Luc Lampriere said: 

As the EU plans to set up ‘controlled centres’ for refugees and other migrants across Europe, the number of people trapped in deplorable conditions in EU ‘hotspots’ and other camps on the Greek islands has reached an unprecedented 20,110, according to Greek government figures.

G20 Leaders meeting in Brisbane, Australia this weekend (15 and 16 November) are being urged to tackle rising inequality head-on or risk leaving millions of people trapped in poverty, as new figures reveal the wealth disparity in a number of G20 countries.

G20 countries are receiving $136 million every day in debt repayments from the world’s poorest countries at a time when up to 828 million people are facing hunger.

On Robin Hood tax/financial transaction tax Speaking at the G20 finance ministers meeting, Max Lawson, Oxfam spokesperson, said: “While the G20 squabbles, poor people from Greece to Ghana

Ahead of the virtual G20 Summit tomorrow, Chema Vera, Oxfam International’s Interim Executive Director, urged G20 leaders to act boldly and across borders to save millions of lives.