OECD

Rich countries at the OECD ministerial meeting on development cooperation have failed to collectively commit to a massive scale-up in aid budgets to help developing countries face the devastating and widescale impact of COVID-19. 

Poor countries have lost out on $5.7 trillion in aid over the last 50 years - equivalent to $114 billion a year - because rich countries have reneged on their “solemn promise” to deliver 0.7 percent of their national income in international aid, a new Oxfam report revealed today.

 

Current levels of aid from rich countries are woefully inadequate to help developing countries face the coronavirus crisis, said Oxfam today in response to new OECD aid figures for 2019.

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.

Under this new proposal, companies’ profits and their ability to shift them offshore will barely be affected and consequently developing countries will only see a very small increase in their corporate tax revenues. 

Jan Kowalzig, Oxfam’s climate policy advisor, responds to the release of new figures on the climate finance provided to developing countries by rich countries in the Organisation for Economic Cooperation and Development (OECD).

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.

Cutting development aid costs lives, and it will exacerbate poverty, inequality and instability across the globe, said Oxfam today in response to the publication of new aid figures by the Organisation for Economic Cooperation and Development (OECD).

The failure of the OECD’s Development Assistance Committee’s to agree tough new rules governing aid invested in the private sector – so-called private sector instruments – was criticised by Oxfam and the European Network on Debt and Development (Eurodad) today.

The slight decrease in development aid spending in 2017 is bad news for the fight to end poverty and reduce inequalities, said Oxfam today in response to the publication of new aid figures by the Organisation for Economic Cooperation and Development (OECD).