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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.

A global coalition of campaigners have called for an open process to elect the next Managing Director of the International Monetary Fund, and an end to the stranglehold that Europeans have had on the post since it was created.

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.

Oxfam is encouraged by World Bank President Dr. Jim Yong Kim’s rejection of trickle-down economics and his clear stance on the enormous challenge inequality poses across the world. 

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:  

The arms trade is out of control. The irresponsible trade in arms devastates lives and livelihoods and the world can no longer continue turning a blind eye.

Oxfam has made a submission to the International Monetary Fund (IMF) on its 2011 review of the conditions it attaches to its loans.

Governments pass UN resolution to hold major diplomatic conference next year with an unprecedented 157 'yes' votes, including China for the first time, 18 abstentions & 0 votes against.