global development

Wealthy elites have co-opted political power to rig the rules of the economic game, undermining democracy and creating a world where the 85 richest people own the wealth of half of the world’s population, worldwide development organization Oxfam warns in a report published today. 

Almost half of the world’s wealth is now owned by just one percent of the population, and seven out of ten people live in countries where economic inequality has increased in the last 30 years.

Donors have replenished the World Bank’s fund for the world’s poorest countries, the International Development Association, to the tune of

European aid to poor countries is stalling two years ahead of the UN Millennium Development Goals deadline, with aid cut or stagnant in 19 member states, reveals the new Concord AidWatch report.

Oxfam applauds the World Bank's new strategy to halve extreme poverty by 2020 and end it by 2030, but swift action is now needed to bring the strategy to life.

In reaction to the plenary remarks delivered by World Bank President Jim Kim, Oxfam’s head of Washington office, Nicolas Mombrial, said:

The strategy to end extreme poverty and support inclusive growth is an important milestone for the World Bank and Oxfam welcomes Jim Kim’s vision and commitment.

Washington, DC— In reaction to World Bank President Jim Kim's announcement  of a new interim target of cutting global poverty to 9% by 2020, Oxfam spokesperson Raymond C.

Ahead of the Annual Meetings, international agency Oxfam urged the World Bank to sharpen and swiftly move forward on the new strategy to end poverty by 2030 and boost shared prosperity.

In response to World Bank President Jim Yong Kim’s speech at George Washington University: "