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The economic fallout from the coronavirus pandemic could push half a billion more people into poverty unless urgent action is taken to bail out developing countries, said Oxfam today.

Patients living in poverty in the Global South are being bankrupted by private healthcare corporations backed by multi-million-dollar investments from development finance institutions (DFIs) run by the UK, French, German and other rich country governments. DFIs like the World Bank’s International Finance Corporation (IFC) and the European Investment Bank (EIB) invest public funds via the private sector to help foster economic development in the Global South and tackle poverty. However, Oxfam published two investigations on DFI funding into private hospital chains and other for-profit healthcare corporations operating in low- and middle-income countries and found cases of them.   

Cutting development aid costs lives, and it will exacerbate poverty, inequality and instability across the globe, said Oxfam today in response to the publication of new aid figures by the Organisation for Economic Cooperation and Development (OECD).

Russia’s absence from the G7 summit is a stark warning to Europe that political turmoil on its doorstep risks an energy price crisis, at the same time as the effects of climate change on food imports could drive up costs.

On the eve of the Earth Day Summit, Oxfam is calling for President Biden and world leaders attending the virtual summit to urgently ramp up ambition to tackle the climate crisis.

A European tax on financial transactions would be fair, practical and popular and could raise as much as €210 billion to tackle poverty and climate change, according to Oxfam's new report.

After several path-breaking global deals for sustainable development and climate action were brokered in 2015, the time has come for the EU to deliver on its promises. The Netherlands have taken on the first EU Presidency of 2016 and are in a position of great responsibility to set the direction for this implementation. From the Agenda 2030 and the Sustainable Developments Goals to the Paris climate deal, a decided approach is necessary to ensure the EU leads on implementing these vital agreements.Oxfam has outlined a series of actionable recommendations for the Dutch presidency to…

Farmer seed systems and community seed banks provide an important safety net for cash-strapped, vulnerable people. They also help small-scale farmers manage climate risk. Supporting them is an adaptation opportunity that is currently being missed.

Luc Lamprière, spokesperson for Oxfam said:

Oxfam spokesperson Pamela Gomez said: "Governance reform at the International Monetary Fund is long overdue.