Oxfam calls for US$2.5 trillion plan to tackle the pandemic and prevent global economic collapse in a paper:
‘New analysis shows the economic crisis caused by coronavirus could push over half a billion people into poverty unless urgent and dramatic action is taken... We can only beat this virus through coming together as one. Developing countries must act to protect their people, and demand action from rich nations to support them. Rich country governments must massively upscale their help – led by the G20. This paper lays out an Economic Rescue Plan For All that meets the scale of the crisis, mobilising at least $2.5 trillion dollars to tackle the pandemic and prevent global economic collapse. It prioritises helping people directly: giving cash grants to all who need them. An immediate suspension of the debt payments of poor countries, combined with a one-off economic stimulus by the IMF and an increase in aid and taxes, can pay for this.’
Download here (Oxfam, April 9, 2020)
