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This report examines the impact of the global financial crisis on the budgets of low-income countries, especially their spending to reach the Millennium Development Goals (MDG).

At the request of the French government, currently chairing the G20, the Food and agriculture Organization of the UN (FAO) held today an emergency meeting to mobilize international support

Today EU Finance Ministers, meeting in Luxembourg, agreed to drop the idea of an EU-wide European Financial Transaction Tax (FTT).

Reacting to the draft G20 communiqué circulating on Monday 17th, Oxfam spokesperson Carlos Zarco said:

Christine Lagarde, the International Monetary Fund’s managing director, and Jim Yong Kim, president of the World Bank, spoke Tuesday about their institutions’ priorities ahead of next week’s spring meetings in Washington. 

Oxfam condemns today’s decision by EU Finance Ministers to delay talks on a European Financial Transaction tax (FTT) until December. 

Europe’s crisis must be fixed because it is becoming a serious drain on developing countries already reeling from volatile food prices and aid cuts. But it’s not good enough for the G20 to fixate on Europe and forget about the rest of the world.

The International Monetary and Financial Committee (IMFC) gave its approval today to set up a new IMF-administered Resilience and Sustainability Trust (RST) that will allow wealthy nations to channel some of their Special Drawing Rights (SDRs) to more vulnerable countries. In response, Nadia Daar, Head of Oxfam International’s Washington DC Office, said: “While it is positive that the RST will be accessible to a wide range of countries, including vulnerable middle-income countries hit hard by the COVID-19 pandemic, it is vital that the IMF deliver these funds on terms that are as close to grants as possible."  

International aid agency Oxfam and leading West African farmers network ROPPA today welcomed an initial forecast of an improved harvest in the Sahel region but warned governments and the UN that the food crisis is far from over.

The corporate grip on development finance must be loosened if the Finance for Development Conference is going to help mobilize the resources needed to overcome poverty. Oxfam issued this warning ahead of third Finance for Development Conference which is to be held in Addis, Ethiopia from 13 - 16 July.