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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.

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.

Over a decade ago, developed countries committed to mobilize $100bn per year by 2020 to support developing countries to adapt and reduce their emissions. The goal is a critical part of the Paris Agreement. As 2020 draws to a close, Oxfam’s Climate Finance Shadow Report 2020 offers an assessment of progress towards this goal.

Last year poor people around the world endured the consequences of the food and energy price crisis.

At the end of the G20 Summit in Rome, Italy, Oxfam panned the lack of bold and effective action from the world leaders at such an important moment in the global response to the COVID-19 pandemic. 

The coronavirus threatens to take many millions of lives and push billions more into poverty. Oxfam proposes two things that the G20 and other leaders can do now: develop a global public health plan and emergency response to tackle the disease head on; and create an economic rescue plan to cope with the huge economic costs precipitated by this virus. 

“Moderna’s discovery could be a real game-changer in the fight against COVID-19. However, on its own, Moderna can only produce enough vaccine for less than seven percent of the global population by the end of 2021, almost all of whom will be in rich countries," said Anna Marriott, Oxfam’s Health Policy Manager, in response to the announcement today from the National Institutes of Health that early data shows Moderna’s COVID-19 vaccine is nearly 95 percent effective.

In response to the results of the vote on a UN resolution continuing to allow cross-border aid into Syria, Oxfam’s Regional Humanitarian Campaign Lead for MENA, Georges Ghali said: “The UN Security Council’s decision means that millions of Syrians who are suffering from the scourge of war, compounded by an economic collapse and a global pandemic, will continue to face an uncertain future. At a time when three in five Syrians are facing acute hunger, it is unconscionable to limit humanitarian assistance in this way."    

Despite being largely virtual, this year’s UN General Assembly opening week will remain a vital convening space where leaders and civil society can jointly discuss and tackle some of the gravest issues we face today.

International humanitarian agencies and donors have made a series of global commitments to local actors as part of the localization agenda. This briefing paper reviews 2015 national financial data for Bangladesh and Uganda to better understand how to target international investments in localization.