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The scale of the losses could outweigh the $103bn developing countries receive annually in overseas aid.

About innovative financing for development and climate change EU Finance Ministers today agreed their common position for the upcoming G20 Finance Ministers meeting on 14-15 October in Pa

Aid from rich nations is likely to fall by at least $9.5 billion by the end of 2012 – the biggest drop in aid for 15 years, according to new calculations by international agency Oxfam ahead of this week’s G20 Summit (Nov 3-4).

Inequality has increased in 14 of the 18 G20 countries since 1990 as economic growth has too often failed to benefit poor people.

In their Deauville Accountability Report, the G8 has massaged the figures, claiming to have delivered almost US$49 billion of the promised $50 billion. But according to the OECD, responsible for measuring the official aid figures, the G8 have delivered just $31 billion.

The international humanitarian response system will fail to cope with the expected rise in the number of people exposed to crises unless there are more resources closer to where disasters happen and there is more investment in preventing and reducing the risk of disasters, warns Oxfam.

G20 finance ministers meeting in London this weekend should provide a $280 billion bailout for millions of poor people struggling to survive the economic crisis. We provide three easy ways the G20 could deliver this up.

Other members of the G20 have exported more than US$17bn worth of arms to Saudi Arabia since it became involved in the conflict in Yemen in 2015 but have given only a third of that amount in aid to people caught in the world’s biggest humanitarian crisis, Oxfam said today.