financial crisis

Oxfam believes that reducing inequality is fundamental to fair and sustainable development.

Incoming World Bank president Jim Yong Kim must step up efforts to assist developing countries threatened by the euro zone crisis fallout, international agency Oxfam said ahead of his first day on the job.

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 Fund (IMF) board will meet this week [6 April] to discuss how to use the extra $2.8 billion windfall it made from selling 403.3 tons of gold late last year. The windfall profits should be used to cancel the debts of poor countries facing crises outside their control.

In 2005 the International Monetary Fund (IMF) introduced the Policy Support Instrument (PSI).

The UN Conference on the World Financial and Economic Crisis and Its Impact on Development was a missed opportunity to address the needs of poor countries, Oxfam said today.

This G20 summit delivers a vital pick-me-up for poor countries struggling to survive the economic crisis but much more is needed to ensure their long-term recovery.

The scale of the losses could outweigh the $103bn developing countries receive annually in overseas aid.

Leaders meeting at the World Economic Forum in Davos this week should seriously consider how the economic crisis can be a catalyst for new models of growth and a new way of doing business.