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EU Development Ministers have just recommited to an old promise made by donors back in 1970s, failing to provide any guarantees to poor countries that Europe is serious about getting back on track to meet the Millennium Development Goals, warns Oxfam.

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.

"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.

The world’s poor must not pay the price for the collapse of financial markets. Without immediate action, millions will suffer.

European austerity programs have dismantled the mechanisms that reduce inequality and enable equitable growth.

The European Union has adopted a new approach to foreign policy dubbed the “Global Gateway,” supported by a new European Financial Architecture for Development (EFAD). These policies are a direct response to the state of permacrises that the world finds itself in. It seeks to inject 180-300 billion euros over a period of six years into the EU’s partner countries in the form of infrastructure projects, a green transition and digitalisation. 

‘My Rights, My Voice’ (MRMV) is a program that has been implemented in eight countries. This evaluation aims to systematically analyze the actual outcomes of the program and its underlying working mechanisms against the proposed outcomes and MRMV’s theory of change.

Oxfam's Nadia Daar commented on the Bank and the IMF's progress on climate change, inequality, education, and more.

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.