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Welcoming the publication of the World Bank report, Turn Down the Heat: Climate Extremes, Regional Impa

In response to the World Bank's 'Turn Down the Heat' report r

In response to the announcement today that World Bank President David Malpass will step down from his position by the end of June, Nadia Daar, Head of Oxfam International’s Washington DC Office, said: “If shareholders really want to ‘evolve’ the World Bank, then here is their golden opportunity. Malpass’ successor must be hired based on an open, merit-based and transparent selection process rather than the 80-year-old gentleman's agreement which sees the job automatically go to someone from the US. This is critical for the credibility and future strength of multilateralism."

In response to President Biden’s nomination of former MasterCard and Nestlé executive, Ajay Banga, to the position of World Bank president, Christian Donaldson, Oxfam International’s senior policy advisor on international financial institutions, made the following statement: “While Mr. Banga may have extensive experience on Wall Street, we had hoped that President Biden would use this opportunity to ditch the old gentlemen’s agreement of World Bank and IMF appointments in favor of a more transparent and merit-based global process."

Oxfam’s Gregory Adams said: “Secretary Clinton has thrown down the gauntlet about the need for real changes to improve foreign assistance.

Patients living in poverty in the Global South are being bankrupted by private healthcare corporations backed by multi-million-dollar investments from development finance institutions (DFIs) run by the UK, French, German and other rich country governments. DFIs like the World Bank’s International Finance Corporation (IFC) and the European Investment Bank (EIB) invest public funds via the private sector to help foster economic development in the Global South and tackle poverty. However, Oxfam published two investigations on DFI funding into private hospital chains and other for-profit healthcare corporations operating in low- and middle-income countries and found cases of them.   

“People have become complacent about COVID-19. Our global (health) funds are fast running out of money. Vaccine inequity is getting worse,” said former UK prime minister Gordon Brown today. 

The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.

Nadia Daar, Head of Oxfam International's Washington DC office, responds to the World Bank’s announcement today that it has appointed Mr. Makhtar Diop as the new CEO of its private sector arm, the International Finance Corporation (IFC).

In 2011, following decades of isolation, Myanmar embarked on an unprecedented reform process, raising hopes for a new democracy.