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Responding to IMF Managing Director, Christine Lagarde’s curtain-raiser speech today, ahead of the IMF and World Bank Spring meetings, Nadia Daar, Oxfam International’s Head of Washington office, said: “Madame Lagarde reminds us that traditional approaches to economic growth are failing and poor countries are being hit hardest. We are glad the IMF recognizes the ‘winner takes most' economies we have created are unsustainable and we welcome her call to address excessive inequality through progressive tax measures and more spending on public services such as education…

The EU’s new global investment and development strategy, the Global Gateway, risks diverting the aid budget to big business, a new report by Counter Balance, Eurodad and Oxfam reveals. “Who profits from the Global Gateway? The EU’s new strategy for development cooperation” finds that over 60 percent of projects analysed benefit at least one European company. 

In 2018, less than 5% of people identified as needing resettlement by UNHCR were resettled – just 0.2% of the global refugee population. This paper calls for refugees to be meaningfully included in discussions and decisions about their future, and for higher-income countries to do their fair share by increasing their commitments.

International development cooperation has consistently been an integral component of the European Union's foreign policy. Like diplomacy, development cooperation is a means to foster stability, security and prosperity for all in an increasingly interconnected world. The COVID-19 pandemic, the climate crisis and the ripple effects of Russia’s full-scale invasion in Ukraine have underscored our global interdependence and the imperative for international collaboration, investment, and partnerships that promote equitable development globally while safeguarding the long-term interests of the EU and its citizens.  

Oxfam joins in welcoming the endorsement of the Global Compact on Refugees today, but warned that this groundbreaking document will only make a difference it if is translated into concrete action. The endorsement of the Compact follows years of tireless work by world leaders, international organizations and refugee advocates whose voices have truly been a driving force in developing this document. Sarnata Reynolds, Oxfam’s Policy Advisor on Global Displacement…

Responding to the announcement today that the G7 will back a global minimum corporate tax rate of 15 percent, Gabriela Bucher, Executive Director of Oxfam International, said: “Fixing a global minimum corporate tax rate of just 15 percent is far too low. It will do little to end the damaging race to the bottom on corporate tax and curtail the widespread use of tax havens."

Oxfam welcomes the G20’s attention to the sovereign debt crisis in the Global South, but warns about the risks involved in the G20’s approach to resolve it, outlined in more details in the IMF and World Bank Non-Paper on Actions to Support Countries Faced With Liquidity Challenges.  We strongly support the approach’s aim to significantly increase the net flow of resources to the Global South to back ambitious, country-owned national development and climate strategies. We urge the G20 to adopt several elements of the plan, including increasing bilateral grants, reviewing relevant IMF policies, increasing IMF and multilateral development banks’ resources including but not limited to a generous IDA21 replenishment, and redoubling efforts to promote effective and equitable domestic resources mobilization.

The Compact has the potential to provide better protection and care for refugees and development benefits to hosting communities.   

Under the title “The Power of People against Poverty”, Oxfam has adopted a new strategic plan that shifts the focus of its work onto the empowerment of people to shape their own future free from poverty.

“Oxfam is dismayed at this third consecutive year of rising hunger. We’re back to where we were a decade ago. As ever, hunger is caused by human actions that drive poverty and inequality, conflict and war, poor governance, wastage, and worsening climate change," said Oxfam International’s executive director Winnie Byanyima in response..