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Following the abuses revealed in the Panama Papers, world leaders attending the Spring Meetings of the World Bank and International Monetary Fund this week must seize the moment to take decisive action and help end the era of tax havens, said Oxfam today.

People displaced by conflict (IDPs) in Myanmar’s Kachin State want to return to their land, yet it is being appropriated unfairly. Action is required to resolve the lack of clarity over IDP land rights and to ensure equitable remedy is available where land has been unfairly acquired.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

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.

The World Bank today announced that 52 donor countries have committed to an $82 billion package for the 19th replenishment of the International Development Association (IDA19), the Bank’s fund for the world’s poorest countries.

Increasing aid and making it more effective can help poor people become more politically active in decisions that affect them, while also supporting governments to become more accountable and plot their own path to achieving the Sustainable Development Goals.

As Vietnam graduates from IDA, the World Bank’s concessional finance window, there will be a major change in the types of development finance the country can access. Oxfam is concerned about what this changing financial landscape might mean for Vietnam’s fight against poverty, inequality, and gender inequality.

Following Oxfam’s January report revealing that just 85 people owned the same wealth as the bottom half the world’s population, Forbes has updated its “billionaires' list”, showing that extreme inequality has worsened– just 67 people at the top now own half the wealth.

In response to the World Bank Group today issuing a statement announcing the discontinuation of its Doing Business report, Nadia Daar, Head of Oxfam International’s Washington DC Office, said: “It's a welcome move and about time the World Bank scrapped its Doing Business report, a global competitiveness index that encouraged governments to adopt destructive policies that worsen inequality, like slashing labor regulations and corporate taxes."