G7 MustTake on Emergency Recovery Plan for Haiti, Global Economic Crisis

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G7 MustTake on Emergency Recovery Plan for Haiti, Global Economic Crisis

WASHINGTON -

G7 finance ministers
meeting in Canada this weekend must agree to a Financial Transaction
Tax to leverage billions needed to help poor nations deal with the
impact of the global economic crisis, international agency Oxfam
International said today.

The G7 ministers and central bankers who are meeting in Iqaluit must
also ensure that devastated Haiti is not left saddled with crippling
debts as it recovers from the recent earthquake.

Oxfam is asking G7 finance ministers to:

  • Adopt a Financial Transaction Tax to raise resources to tackle poverty and climate change;
  • Agree that all new financial assistance to Haiti be given as grants, not loans; and to cancel Haiti’s existing debt immediately;
  • Agree an emergency recovery plan for development aid.

Emma Seery, Oxfam campaign manager said: “The G7 must agree to a tax on financial transactions
of large banks. Even at a small rate of around 0.05% this would raise
billions annually at no cost to ordinary taxpayers. This is the only
way that G7 countries will raise the massive resources needed to pay
down their deficits and at the same time meet the Millennium
Development Goal of halving global poverty by 2015.”

On Haiti, Seery said: “The international community
has acted rapidly and generously to provide for Haiti’s immediate
emergency needs. The G7 must now also make sure that Haiti is not left
saddled with crippling debts as it recovers and rebuilds. They must
agree to all new financial support being in the form of grants, not
loans, and commit to a clear plan to cancel what remains of Haiti’s
debt.”

On development aid, Seery said: “It is now time to
honor the promise made by the G8 in 2005 to increase development aid by
$50 billion. On current trends this commitment will be missed by $30
billion, a terrible breach of faith. The G7 must take emergency action
to meet their aid promise in 2010.”

Read more

Take action: Email the IMF to get them to Drop the Haiti Debt

Read the blog: 2010: no flying cars but an opportunity to get the Millennium Development Goals back on track

Stay informed: Latest Oxfam Haiti response efforts

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Oxfam International is a confederation of 13 like-minded organizations working together and with partners and allies around the world to bring about lasting change. Oxfam works directly with communities and that seeks to influence the powerful to ensure that poor people can improve their lives and livelihoods and have a say in decisions that affect them.

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