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Christine Lagarde, the International Monetary Fund’s managing director, and Jim Yong Kim, president of the World Bank, spoke Tuesday about their institutions’ priorities ahead of next week’s spring meetings in Washington. 

A new report, Exploring the Links Between International Business and Poverty Reduction: Bouquets and Beans from Kenya, has been released by Oxfam and International Procurement and Logistics (IPL).

Oxfam applauds the World Bank's new strategy to halve extreme poverty by 2020 and end it by 2030, but swift action is now needed to bring the strategy to life.

As the Annual Meetings of the World Bank kick off in Washington this week, Oxfam welcomed the focus on inequality, but urges top officials at the institution to align their words with their actions if they are serious about combating inequality and poverty. 

In Myanmar, the garment industry is booming thanks to an upsurge in investment by international brands, but garment workers are facing tough conditions. This briefing paper presents the research findings of and makes recommendations for international sourcing companies and factories to help them protect garment workers’ rights.

“At the start of the week, we urged the Bank to show it’s serious about ‘“ending poverty and boosting shared prosperity”’ in discussions on additional funding. We’re pleased to see them recommit to this, but it’s now up to the Bank’s programming to put its money where its mouth is," said Nadia Daar, head of Oxfam International's Washington office. 

The International Monetary Fund’s advice to countries promotes policies that fail to reduce inequality and may even increase it, according to Oxfam research. This advice clashes with what their own research shows countries should do to reduce inequality.

In “Powering the Transition,” Oxfam details how together, the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank are investing almost $5 billion in fossil fuels in the 10 Asian countries that belong to the Climate Vulnerable Forum.

84 percent of the International Monetary Fund’s (IMF) COVID-19 loans encourage, and in some cases require, poor countries hard hit by the economic fallout from the pandemic to adopt more tough austerity measures in the aftermath of the health crisis, warned Oxfam today.

As global greenhouse emissions continue to rise, and climate change wreaks more havoc upon the people and places least responsible for the problem, rich polluting countries are now three years overdue on their promise to mobilize $100 billion a year in climate finance for low- and middle-income countries.