'It's time for governments to find their moral fiber and tax the richest, so we can stave off climate catastrophe and lift everyone out of poverty.'
changes that would"free up roughly $5 billion annually over the next 10 years, mainly through a slight relaxation of the bank's rules for how much risk it can assume."
"Specifically, it would lower the bank's so-called equity-to-loan ratio from 20% to 19%, which would allow it to increase its lending with the same amount of shareholder money," the outlet noted."Critics have called the plan underwhelming, saying it's still too vague and risk-averse. Some argue that the equity-to-loan ratio could be lowered further without jeopardizing confidence in the bank’s lending ability, making additional lending capacity available.
Oxfam said Monday that it is"essential that the World Bank and IMF also step up their ambition" during this week's talks. "The World Bank's own analysis shows that extreme economic inequality is a barrier to poverty reduction—yet the current goal on 'shared prosperity' is weak and ineffective," said Behar."We need to see far more ambition from a global body tasked with fighting poverty."With global finance leaders set to gather in Washington, D.C.
"If rich countries were serious about investing in people and planet, they would go beyond financial wizardry," said Amitabh Behar, Oxfam International's incoming interim executive director."It's time for governments to find their moral fiber and tax the richest, so we can stave off climate catastrophe and lift everyone out of poverty."
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