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Washington, DC— In reaction to World Bank President Jim Kim's announcement  of a new interim target of cutting global poverty to 9% by 2020, Oxfam spokesperson Raymond C.

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 fact that the IMF is proposing that adaptation efforts are funded by grants rather than loans is positive. But this will only work if developed countries ensure the money is there to resource this vital assistance to vulnerable countries.

Ahead of the Annual Meetings, international agency Oxfam urged the World Bank to sharpen and swiftly move forward on the new strategy to end poverty by 2030 and boost shared prosperity.

Oxfam’s Sarah Wynn-Williams said: “This farcical appointment process has damaged the IMF’s credibility.

Without urgent action to relieve developing countries of all their external debt payments this year, and ensure they don't accrue into the future, the coronavirus could lead to millions of deaths and force half a billion more people around the world into poverty, said Oxfam today in response to the G7's joint statement on debt moratorium for poor countries.

Over a quarter of a billion more people could crash into extreme levels of poverty in 2022 because of COVID-19, rising global inequality and the shock of food price rises supercharged by the war in Ukraine, reveals a new Oxfam brief today. 

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. 

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.

Luc Lamprière, spokesperson for Oxfam said: