World Bank

“Today’s lack of progress on debt relief is as irresponsible as it is underwhelming. Merely encouraging private sector creditors and multilateral banks to participate in the Debt Service Suspension Initiative (DSSI) is woefully inadequate and a dereliction of duty. The G20 is in denial of the scale of response needed to address the worse global crisis in a century," said Jaime Atienza, Oxfam International’s Debt Policy Lead, in response to the communiqué of the G20 Finance Ministers and Central Bank Governors Meeting.

"The IFC can’t simply wash its hands of responsibility for upholding its own policies. There must be reparations for the damages caused," said Christian Donaldson, Oxfam International’s Senior Advisor on International Financial Institutions, in response to he publication today of an independent investigation into a hydroelectric dam project in Guatemala that found the International Financial Corporation (IFC), the World Bank’s private sector arm, was negligent in preventing harm to indigenous communities.

Oxfam warned today that millions of people in East and Central Africa, already suffering due to flooding and the impact of coronavirus, are at risk of increased hunger and poverty as the region braces for the latest generation of locusts which are due to hatch in June ―just when crops are to be harvested.

Despite the clear message President Malpass sends on the critical importance of addressing debt, the Bank is the only one to fail to make any commitment on debt relief, said Oxfam today.

The International Monetary Fund’s (IMF) gold holdings have increased in value by $19.3 billion since the start of the global coronavirus pandemic, said Oxfam today. 

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.

Public aid money should not be used to fund corporate-backed private school chains that fuel inequality. Other donor agencies and governments now need to follow suit, said Oxfam today in response to the US House Financial Services Committee’s (HFSC) announcement that the World Bank and its private sector arm have approved a package of reforms.

The World Bank today announced that 52 donor countries have committed to an $82 billion package for the 19th replenishment of the International Development Association (IDA19), the Bank’s fund for the world’s poorest countries.

The World Bank’s Compliance Advisor Ombudsman (CAO) announced today that it will launch a formal investigation into investments made by the International Finance Corporation (IFC) in for-profit multinational school chain Bridge International Academies.