Press releases

The IMF has already said that the coronavirus pandemic will trigger the worst economic fallout since the Great Depression —if ever there was a time to expand SDR allocations in a major way, it is now, said Oxfam today in response to the communiqué of the International Monetary and Financial Committee.

Current levels of aid from rich countries are woefully inadequate to help developing countries face the coronavirus crisis, said Oxfam today in response to new OECD aid figures for 2019.

Suspending debt owed to rich countries is only one piece of the puzzle. Rich private banks and investors should be pushed to cancel debts by enforcement and not left to voluntary action, said Oxfam today in response to the announcement that the G20 has agreed to suspend debt repayment of the poorest countries.

Without urgent action to relieve developing countries of all their external debt payments this year, and ensure they don't accrue into the future, the coronavirus could lead to millions of deaths and force half a billion more people around the world into poverty, said Oxfam today in response to the G7's joint statement on debt moratorium for poor countries.

In response to IMF Chief Economist Gita Gopinath’s statement that the coronavirus pandemic will trigger the worst economic fallout since the Great Depression, Nadia Daar, Oxfam International’s Head of Washington DC Office said: "The IMF’s assessment is chilling. The human suffering behind those numbers is almost unimaginable. Oxfam’s research shows that coronavirus could push half a billion more people into poverty".

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. 

As the first case of coronavirus is confirmed in Yemen, Muhsin Siddiquey, Oxfam Country Director in Yemen said: “The first confirmed case of coronavirus in Yemen is a devastating blow in a country that is ill-equipped after five years of brutal conflict to contain its spread.

In reaction to the announcement by the Saudi coalition of a ceasefire in Yemen, Muhsin Siddiquey, Oxfam Yemen Country Director, said : "The announcement from the Saudi-led coalition that it will be laying down arms is a welcome move that offers Yemen a chance to avert a fresh disaster.  

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.