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Asia is home to some of the world’s fastest growing economies. Yet millions of people remain poor, while a handful gets richer and richer.

"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.

Oxfam is deeply disappointed by Japan’s lack of ambition.  Setting a draft target of 26% emissions reduction below 2013 levels (18% below 1990 levels) by 2030 is woefully inadequate. 

With the World Bank and International Monetary Fund Annual Meetings wrapping up, Nadia Daar, the head of Oxfam International’s Washington office commented on the week’s events, including developments on inequality, climate change, and tax policy. 

The strategy to end extreme poverty and support inclusive growth is an important milestone for the World Bank and Oxfam welcomes Jim Kim’s vision and commitment.

Extreme weather events are becoming increasingly common in Russia, and the 2012 drought confirmed this trend.

As the Earth Day Summit concluded, Oxfam applauded President Biden for convening world leaders in an effort to increase global climate ambition, lower emissions, and build resilience. However, more action is needed to avert dangerous climate change impacts that are already disproportionally harming those who are most vulnerable.

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.

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.

The World Bank and International Monetary Fund need to ditch the ‘trickle down’ economics of the past and lead the fight against inequality if they are serious about the new target to end extreme poverty by 2030.