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At the close of the World Bank and International Monetary Fund’s Spring Meetings in Washington, Chris Stalker, Acting Head of Oxfam International’s Washington office, commented on the week's developments.

Ministers must deliver on their climate finance promises and support a second wave of attack on corporate tax cheats if their Lima meeting is to succeed, said Oxfam today. 

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.

Responding to the World Bank's proposal of a $12 billion initiative to help poor countries purchase COVID-19 vaccines, Anna Marriott, Health Policy Advisor at Oxfam, said: "The World Bank is right to be concerned about whether poorer countries will be able to afford COVID-19 vaccines and treatments and they should use their influence accordingly."

"The failure to cancel debt payments will only delay the tsunami of debt that will engulf many of the world’s poorest countries, leaving them unable to afford the investment in healthcare and social safety nets so desperately needed", said Jaime Atienza, Oxfam International's Debt Policy Lead, in reaction to the G20 Finance Ministers and Central Bank Governors Meeting.

Fighting inequality is not just an issue of fairness but an economic necessity. That’s not Oxfam speaking, but the International Monetary Fund today. 

This current draft of the 2019 World Development Report has interesting ideas, but also contains some dangerous proposals and assumptions which Oxfam believes might compromise the World Bank’s mission of eradicating poverty and achieving shared prosperity.

"We can't settle for what the World Bank has committed to so far ―now is the time to build momentum and raise ambition of all members, proving the bank's value as a leader on such urgent global issues," said Nadia Daar, Oxfam International's Head of Washington DC Office, in reaction to new World Bank president David Malpass’ press conference.

Income inequality is high or increasing in 60 percent (64 out of 106) of low- and middle-income countries receiving grants or loans from the International Monetary Fund (IMF) and World Bank, reveals new Oxfam analysis ahead of the 2024 Spring Meetings in Washington D.C. Countries with high levels of income inequality have Gini coefficients above 0.4, the warning level set by the United Nations.

Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population – a figure that has fallen from 388 just five years ago, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.