Oxfam International Renews Call for Financial Transaction Tax

Ahead of the meeting of finance ministers from the Group of 20 leading economies later this week in France, an international non-governmental organization has renewed its call urging the G-20 to commit to using financial transaction tax to raise development funding.

Oxfam International is also urging the G-20 finance ministers to take concrete action to stop global food prices from rising further.

“Finance ministers will define the G20’s development credentials this week. They could make or break Sarkozy’s pledges to tackle the food price crisis and push through an FTT,” Oxfam spokesperson Luc Lampriere said in a Feb. 15 statement, referring to French President Nicolas Sarkozy. “The G20’s money ministers must now plan how exactly they will deliver on these promises – or otherwise G20 leaders will be left looking like emperors with no clothes.”

At the World Economic Forum last month, Sarkozy said the proposed tax should be a top agenda item in G-20 talks. France currently holds the rotating leadership of the group.

>> In Davos, Nicolas Sarkozy Calls for Financial Transactions Tax

>> Ahead of Summit, A Renewed Push to Include Development in G20 Agenda

Read more development aid news.

About the author

  • Ivy mungcal 400x400

    Ivy Mungcal

    As senior staff writer, Ivy Mungcal contributes to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.