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The World Bank and IMF must step up their support for developing countries who are struggling with spiking food prices along with the fallout from Europe’s fiscal crisis, Oxfam said ahead of the annual meeting of the institutions in Tokyo this week.

The $8.42 trillion promised by rich country governments to bailout banks would be enough to end global extreme poverty for 50 years and a massive step towards ending it forever.

Oxfam spokesperson Mark Fried said:  

Details of the World Bank’s climate finance flows to developing countries are being poorly disclosed and may be hiding discrepancies and allowing for dubious claims, according to a new report by Oxfam.

Fifty one of the 68 companies that were lent money by the World Bank’s private lending arm in 2015 to finance investments in sub-Saharan Africa use tax havens, Oxfam revealed today.

The International Monetary Fund’s (IMF) gold holdings have increased in value by $19.3 billion since the start of the global coronavirus pandemic, said Oxfam today. 

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.

New Oxfam analysis describes a $27 trillion black hole – accumulating at around $3.9 trillion a year to 2030 – that low-and-middle income countries face to meet climate-related loss and damages, adaptation, and mitigation measures, along with their health, education and social protection needs.

An internal investigation released last night finds that World Bank Group staff kept quiet about a plantation company’s role in a violent land conflict in Honduras, when proposing loans to one of Central America’s top ten banks which funded it.