Oxfam responds to G20 finance ministers

In response to the G20 Finance Ministers Communiqué, Celine Charveriat, Oxfam International Head of Campaigns, made the following statements.

Mar 16, 2009 | Helen DaSilva

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Assistance for developing countries

"Oxfam welcomes the G20 Finance Ministers' commitment to help emerging and developing economies cope with this crisis, which was not of their making. But we are disappointed that the G20 finance ministers did not commit to an immediate rescue package for low-income countries of at least $24bn. Poor people need help now.

"A significant share of the new resources for the World Bank and the IMF must be reserved for the world's poorest countries and funding must come without harmful conditions.

"As we speak, some rich G20 countries have cut their development aid budgets, it is vitally important that leaders of rich countries get back on-track with their aid commitments at the April Summit."

Reform of institutions

"The recognition that emerging and developing economies, including the poorest, should have greater voice and representation within international financial institutions is both welcome and long overdue—as is the decision that the Head of the World Bank and the IMF should be appointed on merit.

"Now G20 leaders must guarantee equality between developed and emerging and developing countries within these institutions at the April Summit. It is time these institutions were made fit for purpose for the 21st century."

Tax haven

"Finance ministers have failed to agree the coordinated global action that is needed to solve the problem of tax havens. Tax havens currently cost poor countries up to $120 billion a year in lost tax on individuals' incomes and many billions more as a result of tax evasion by companies. This money could and should be used to help people out of poverty.

"If world leaders are serious about cracking down on tax havens they must commit to a multilateral agreement which all countries can sign on to and insist on automatic exchange of information between tax authorities. These steps are vital to enable developing countries to collect the money they are due."

Trade

"The commitment to fight all forms of protectionism is welcome. But it is vital that trade is regulated in a way that allows it to be used to help poor countries develop as promised at the World Trade Organization in 2001."

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