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The Group of Seven (G7) countries are set to slash their aid spending by 28 percent for 2026 compared to 2024 levels.

Over a quarter of a billion more people could crash into extreme levels of poverty in 2022 because of COVID-19, rising global inequality and the shock of food price rises supercharged by the war in Ukraine, reveals a new Oxfam brief today. 

New Oxfam research shows that over a third of the world’s population has had no public money to cope with the effects of the pandemic. A new report “Shelter from the Storm” reviewed government programs used to inject additional money to help people and found none of them were adequate to meet everyone’s needs.

As poor countries face the full impact of the economic crisis, European governments are falling short by nearly €40bn (USD$55m) on their aid promises and will not meet their 2010 aid target until 2012, a new report from CONCORD reveals.

Today leaders from Brazil, Russia, India, China, and South Africa –better known as the BRICS- finalized their 6th summit in Fortaleza, Brazil, consolidating the creation of a new development bank that will provide fresh sources of financing for emerging economies.

In response to Jeff Bezos’ space flight scheduled for Tuesday, Deepak Xavier, Oxfam International's Global Head of Inequality Campaign, said: "We’ve now reached stratospheric inequality. Billionaires burning into space, away from a world of pandemic, climate change and starvation. 11 people are likely now dying of hunger each minute while Bezos prepares for an 11-minute personal space flight. This is human folly, not human achievement."

Up to a quarter of a billion people are at risk of falling into extreme poverty this year due to the COVID-19 pandemic, climate crisis and the crisis in Ukraine. Global inequality threatens to rise massively unless more is done to effectively address this situation.  

More doses of Covid-19 vaccines have been delivered to the EU, the UK and the United States in the six-week run up to Christmas than African countries have received all year, new analysis from the People’s Vaccine Alliance reveals today.

Oxfam believes that reducing inequality is fundamental to fair and sustainable development.

Young women and men today must grapple with serious social, political and environmental problems inherited from their elders. By marshaling the energy, creativity and talents of youth to address the multiple inequalities they face, we will all reap a ‘demographic dividend’ and build a fairer world.