Oxfam Reaction: International Monetary and Financial Committee, Verdict on 2011 Spring Meetings

Oxfam spokesperson Elizabeth Stuart said: 

Verdict on the spring meetings

“It’s very promising that this global forum has focused so much on food and jobs, real issues that affect people’s lives. There’s been lots of discussion on esoteric economics this week, but also of what the implications are of all this talk for ordinary people.”

“It sets a good precedent for the G20 who have to make sure growth really is inclusive and sustainable.”

Economic growth

“It’s very welcome to hear the Fund say you can’t assume if there‘s economic growth the rest will follow. Now the IMF and the G20 will need to work to ensure the benefits of growth are shared by all. This will include creating jobs, but also fair taxation systems and support to small business in poor countries.”

Low-income countries

“The IMF has been asked to explore avenues to help poor countries, but this is not needed when it’s sitting on a nearly $3bn windfall from gold sales that could be spent on low income countries.”

Food and fuel price speculation

“Spiking global food prices and cuts to development assistance spell disaster for poor countries, and there’s no time to lose.  Governments are going to have to curb food price volatility and excessive speculation by improving transparency and regulation of commodity markets.”