The World Bank shouldn’t forget its goals to “end poverty and boost shared prosperity” as it increasingly relies on the private sector to finance development, Oxfam warned at the start of the institution’s Spring Meetings.
"Aside from obvious questions raised by Paul Romer’s resignation, serious concerns remain around the Doing Business report. Hopefully the next chief economist will be given the mandate to bring coherence and fairness to this ranking."
With the World Bank and International Monetary Fund Annual Meetings wrapping up, Nadia Daar, the head of Oxfam International’s Washington office commented on the week’s events, including developments on inequality, climate change, and tax policy.
The International Monetary Fund’s advice to countries promotes policies that fail to reduce inequality and may even increase it, according to Oxfam research. This advice clashes with what their own research shows countries should do to reduce inequality.
Oxfam's Nadia Daar commented on the Bank and the IMF's progress on climate change, inequality, education, and more.
The World Bank and the International Monetary Fund cannot allow political and economic shocks to hijack their ambitions to combat climate change and curb inequality, warned Oxfam.
Responding to a speech by the president of the World Bank, Oxfam's Nadia Daar said: "The Bank must guarantee that in any dealings with the private sector, reducing poverty, protecting the environment, and helping communities will take priority over financial gain.
Supporting countries to achieve universal, equitable high-quality public education must be a core priority for the World Bank Group if it is to achieve its twin goals of ending poverty and promoting shared prosperity.
“This is great and sorely needed news at a time when the world faces a sobering set of challenges," said Nick Galasso, interim head of Oxfam International's Washington office.
Oxfam's verdict on the World Bank and International Monetary Fund Annual Meetings.