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The economic fallout from the coronavirus pandemic could push half a billion more people into poverty unless urgent action is taken to bail out developing countries, said Oxfam today.

The Covid-19 pandemic will not be defeated unless it’s defeated in all countries. In developing countries, where public health spending is often severely constrained, significant debt cancellation will be necessary to deal with the double whammy of health and economic crises.

About Financial Transaction Tax (FTT) and innovative financing for development  

On the eve of the G8 Summit in Canada, international agency Oxfam warned that G8 aid promises due in 2010 have been missed by as much as $20 billion dollars – twice the gap admitted by world leaders. The G8 must deliver on their promises to poor people and invest in their future.

A Eurozone breakup could cost the world’s poorest countries $30 billion in lost trade and foreign investment, international agency Oxfam has warned ahead of the G20 leaders meeting in Mexico to discuss the state of the global economy.

Responding to the commitments made by the G20 today to combat the Coronavirus, Chema Vera, Oxfam International’s Interim Executive Director, said: “On the day that Imperial College London has warned that close to 40 million lives could be lost without urgent action, the world’s richest governments are still only warming up to the scale of the task.

The Food and Agricultural Organisation's Food Price Index has today revealed that global food prices have remained at peak levels.

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.

Robert Zoellick / the food crisis: Oxfam spokesperson Luc Lamprière said: 

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