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Poor countries are being forced to cut back on their economic crisis-response spending too soon. Education and social protection budgets are particularly badly affected. Oxfam is calling on the IMF to take steps to reverse this trend.

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.

An average of 189 million people per year have been affected by extreme weather-related events in developing countries since 1991 – the year that a mechanism was first proposed to address the costs of climate impacts on low-income countries - according to a new report published today.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

Nicolas Mombrial, Head of Oxfam’s Washington Office, said: “The IMF’s move will provide welcome relief to countries whose economies have been devastated by Ebola. But the IMF's step is not enough on its own – it needs to be the start of concerted global effort to help these countries."

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.

Contrary to the positive picture painted by the International Monetary Fund in its 2010 World Economic Outlook, poor countries are being forced to cut back on their economic crisis-response spending too soon.

World Bank President Jim Yong Kim has yet again failed to profile his commitment to tackling climate change and inequality as central to his aim in eradicating poverty by 2030.

Oxfam spokesperson Caroline Pearce said: On economic growth:

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.