Oxfam verdict on World Bank/IMF Meetings 2013 Communique

Washington, DC— In reaction to the Communiqué issued at the end of the World Bank and International Monetary Fund (IMF) Annual Meetings, Oxfam’s head of Washington office, Nicolas Mombrial, made the following statement:

New World Bank strategy

“We applaud the Board of Directors’ for moving forward on the new strategy for the World Bank to halve extreme poverty by 2020 and end it by 2030, but swift action is now needed to bring the strategy to life.”

Focus on inequality

“While we believe the strategy is an important milestone for the World Bank and we welcome Jim Kim’s vision and commitment, we remain dismayed that the Board of Directors did not push for meaningful action on inequality. Monitoring the income of the bottom 40 percent is simply not enough. Shared prosperity can only be achieved when income gaps are tackled head-on.”

Climate change

“While we applaud the leadership of the World Bank for recognizing the importance of mainstreaming climate change impacts in the work of the World Bank, there is no real clarity on how the Bank will make this happen.”

Increased efficiency at the World Bank

“We hope that President Kim's efforts to increase efficiency and streamline the World Bank’s bureaucracy will lead to increased availability of funds for much-needed development projects. Donors must now do their part to demonstrate their trust in the strategy by funding the International Development Association’s 17th Replenishment in the spring.”

Access to financial services

“The launch of an effort to provide universal financial access to all working-age adults by 2020 has the potential to be transformational, and we hope it will really reach the poorest and most disadvantaged among us, especially women.”

Working with the private sector

“While we recognize the important role the private sector can play in development, it is crucial that the World Bank ensures companies it partners with respect social and environmental standards.”

Gold Sales by the IMF

“The announcement that the members of the IMF agreed to use new revenues from the sale of the IMF’s gold to increase assistance to developing country is great news, especially in these difficult financial times.”

Quota

“Given that reform of the IMF governance structure was supposed to happen by last year, it’s appalling that some countries still have their heads in the sand and blocking reform. For the IMF to be legitimate, it needs to be representative.”