Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘Half a billion’ fall into poverty

‘Half a billion’ fall into poverty

‘Half a billion’ fall into poverty

International aid group Oxfam on Thursday urged world leaders to agree a comprehensive rescue package to muster some $2.5 trillion needed to prevent half a billion more people being pushed into poverty by the coronavirus pandemic.

It warned that the economic fallout of the coronavirus risked setting back the fight against poverty by a decade, and as much as 30 years in some regions including Africa and the Middle East.

Oxfam cited research by the King’s College London and Australian National University estimating that as many as half a billion people could be forced into poverty, or eight per cent of the world’s population.

“An ‘Emergency Rescue Package for All’ would enable poor countries to provide cash grants to those who have lost their income and to bail out vulnerable small businesses,” Oxfam said.

Among the measures that should be undertaken include the immediate cancellation of $1 trillion worth of developing country debt payments in 2020 and the creation of at least $1 trillion in new international reserves.

“G20 finance ministers, the IMF and World Bank must give developing countries an immediate cash injection to help them bail out poor and vulnerable communities,” said Oxfam International interim executive director Jose Maria Vera.

Oxfam warned that while many wealthy nations have introduced multi-billion-dollar economic stimulus packages to support business and workers “most developing nations lack the financial firepower to follow suit”.

MOST VIEWED

  • 12th Cambodia int’l film festival to see return of Hollywood star

    Phnom Penh is set to come alive with the magic of cinema as the highly anticipated 12th Cambodia International Film Festival (CIFF) takes centre stage. Boasting an impressive line-up of 188 films from 23 countries, including captivating shorts, feature films, documentaries and animation, the festival promises an

  • Brawl marrs football final as Indonesian take gold in seven goal thriller

    The Indonesian men's U22 men national football team were crowned champions of the 32nd SEA Games in Cambodia, defeating Thailand 5-2 in extra time on May 16 at Olympic National Stadium in Phnom Penh. The match was marred by an ugly incident that occured in the 91

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Candlelight Party disqualified from July general election

    The National Election Committee (NEC) has disqualified the Candlelight Party (CP) from contesting the upcoming general election, citing a lack of valid documentation. NEC spokesman Khorn Keomono said the CP failed to fulfil one of the three main requirements: including original documentation proving their registration

  • 1.4 billion dollar Phnom Penh-Bavet expressway due in four years

    The Government, through the Ministry of Public Works and Transport, has officially signed a public-private partnership agreement with a private company for the construction of a Phnom Penh-Bavet Expressway project that will connect the capital to Svay Rieng province. The budget for the project is

  • New Law on Taxation comes into effect

    Cambodia has enacted the eagerly-awaited new Law on Taxation, which aims to improve the national tax regime’s compliance with present and future international standards and economic conditions; encourage accountability, effectiveness and transparency in the collection process; and promote investment in the Kingdom. King Norodom