IMF

The World Bank and the IMF must seize their early chance in what could be a watershed year to end extreme global poverty by putting the battle against inequality, climate change and tax dodging at the very top of its Spring Meetings’ agenda this week. 

Nicolas Mombrial, Head of Oxfam’s Washington Office, said: “The IMF’s move will provide welcome relief to countries whose economies have been devastated by Ebola. But the IMF's step is not enough on its own – it needs to be the start of concerted global effort to help these countries."

'In terms of a plan to reduce extreme income inequality, we are left empty handed. There has been a lot of talk and a raw sketch of plan of action in the communique, but it’s just a drop in the bucket.”

The International Monetary Fund (IMF) today publishes a major new report on global corporate taxation: “Spillov

Oxfam’s Nicolas Mombrial said:

Oxfam's Nicolas Mombrial said: “The IMF and World Bank have admitted the dangers of skyrocketing inequality, but they’re not showing any concrete signs of dealing with the problem.

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 IMF has released a discussion note, authorized for distribution by chief economist Olivier Blanchard, on the damaging effect of income inequality on economic growth and supporting redistributiv

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.