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An average of 189 million people per year have been affected by extreme weather-related events in developing countries since 1991 – the year that a mechanism was first proposed to address the costs of climate impacts on low-income countries - according to a new report published today.

Poverty and inequality in Europe have reached shocking levels, according to a new Oxfam report.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

The Covid-19 pandemic will not be defeated unless it’s defeated in all countries. In developing countries, where public health spending is often severely constrained, significant debt cancellation will be necessary to deal with the double whammy of health and economic crises.

Responding to the publication of the Fiscal Monitor by the International Monetary Fund today, Susana Ruiz, Oxfam International's Tax Policy Lead, said: “Oxfam strongly welcomes the IMF’s call for progressive and emergency taxes to fund the recovery from the COVID-19 crisis, including taxing excess corporate profits and top income levels.

In response to the selection today of Ajay Banga as President of the World Bank for a five-year term beginning 2 June, Katie Malouf-Bous, interim Head of Oxfam International’s Washington DC Office, said: "The true test of Ajay Banga starts now: to reorient the World Bank to tackle the extreme inequality that robs billions of people of economic security and dignity. We need huge new investments in development but we need them to be publicly-led and purposed to lift people out of poverty —and we need guardrails around private finance that has run riot for too long."

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."

World Economic Forum’s Human Capital Report demonstrates the need for a massive increase in funding for public education to close the growing gap between rich and poor and build a workforce that is fit for the future. 

The strategy to end extreme poverty and support inclusive growth is an important milestone for the World Bank and Oxfam welcomes Jim Kim’s vision and commitment.

We need to transform our economies to deliver universal health, education and other public services. To make this possible, the richest people and corporations should pay their fair share of tax. This will drive a dramatic reduction in the gap between rich and poor and between women and men.