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In 2005 the International Monetary Fund (IMF) introduced the Policy Support Instrument (PSI).

Responding to news that the EU has discarded at least 215 million doses of COVID-19 vaccine, Piotr Kolczyński, EU Health Policy Advisor at the People’s Vaccine Alliance and Oxfam, said: “This is further proof that the EU wasted millions of its COVID-19 vaccines, hoarded early in the pandemic, as it locked poorer countries out of access.  

The global repercussions of the Ukraine crisis ―already being felt in fast-rising food, commodity and energy prices― could undermine official aid efforts to help people in other humanitarian hot-spots. 

$200bn could mean the difference between success and failure in Copenhagen, as the UN climate summit begins in the city today. The Summit marks the culmination of two years of international negotiations on a deal to prevent catastrophic climate change.

More than a million people have died from COVID since G7 leaders last met back in February, when they made vague pledges to increase the global vaccine supply, but crucially failed to collectively back the waiver of intellectual property rules and investment in manufacturing vaccines in developing countries that would really make the difference.

The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion —at a rate of $15,000 per second or $1.3 billion a day— during the first two years of a pandemic that has seen the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty. 

Oxfam spokesperson Elizabeth Stuart said:

Thirty-two months remain to the deadline for reaching the Millennium Development Goals. This report is the first ever to track what developing countries are spending on the MDGs.

Oxfam is calling on the World Bank Group to put safeguards in place to ensure that its clients can prove they are paying their fair share of tax.

Responding to a press release issued by the G20 Presidency today signalling support for a new allocation of Special Drawing Rights (SDRs), Nadia Daar, Head of Oxfam International's Washington DC office, said: “After nearly a year of deadlock and pandemic, Oxfam is encouraged that the G20 is paving the path toward an issuance of International Monetary Fund (IMF) SDRs to boost global liquidity".