G20

The economic fallout from the coronavirus pandemic could push half a billion more people into poverty unless urgent action is taken to bail out developing countries, said Oxfam today.

Responding to the commitments made by the G20 today to combat the Coronavirus, Chema Vera, Oxfam International’s Interim Executive Director, said: “On the day that Imperial College London has warned that close to 40 million lives could be lost without urgent action, the world’s richest governments are still only warming up to the scale of the task.

Ahead of the virtual G20 Summit tomorrow, Chema Vera, Oxfam International’s Interim Executive Director, urged G20 leaders to act boldly and across borders to save millions of lives.

The US and some European countries are seeking to water down historic global tax reforms warned Oxfam today, ahead of a meeting of G20 Finance Ministers and central bank governments in Riyadh, Saudi Arabia this weekend. G20 Ministers are expected to give the green light to the Organization for Economic Cooperation and Development’s (OECD) outline proposals for tax reform at the meeting on 22 and 23 February.

G20 Finance Ministers are expected to give the green light to a new round of negotiations on international tax reforms at a meeting in Fukuoka, Japan on 8 - 9 June 2019.

Oxfam policy experts analyzed the G20 Leader's Declaration presented at the end of the 2017 Hamburg G20. This is our annotated version of the communique, specifically looking at our priority areas of inequality, climate change, the "Four Famines" crises, and more. 

"The needs of the poorest were an afterthought. Despite the anger of many on the streets at the growing divide between the rich and poor, the G20 could only muster a tepid set of policies to tackle poverty and inequality," said Steve Price-Thomas, Oxfam’s director of advocacy and campaigns.

Plus, three other critical questions ahead of Friday’s G20 summit.

“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.