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The World Bank’s International Finance Corporation (IFC) has quietly divested from New Globe Schools, better known as Bridge International Academies (BIA), a for-profit school chain operating in four African countries and India. The IFC has invested $13.5 million in BIA since 2014, with the intention of supporting the company’s expansion to other countries.

Yemen is facing unprecedented rises in the price of food putting millions more people in danger of catastrophic hunger, Oxfam warned today.

Rich countries have broken their climate finance promises to a key grouping of eight highly vulnerable African countries. Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda – collectively called the IGAD region – have together received, on average, $1.7 billion annually, between 2013 to 2022, in “grant equivalents”, being the true value of climate support after interest and debt repayments.

The European Commission proposed today an EU-wide Financial Transaction Tax (FTT) to fund its next long-term budget (2014-2020) partly through own resources.

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.

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. 

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.

In reaction to the coronavirus pandemic reaching 1 million confirmed cases, Oxfam interim Executive Director Chema Vera, said today: "This is a grim milestone that must spur the international community to take immediate action. We must tackle this pandemic with single-minded determination, and as one."

An Oxfam resolution before Moderna shareholders received 24 percent of the nominal vote or 29 percent of the independent vote factoring in the 17 percent of the vote share owned by the company's directors and senior executives. A similar resolution before Pfizer shareholders garnered 27 percent of the vote.  

After months of deadlock, EU countries reached an agreement on a low-rate minimum tax for multinational profits at the EU level. This follows a deal struck at the international level to implement a global minimum tax.