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First crisis, then catastrophe: Oxfam International

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First crisis, then catastrophe: Oxfam International

Recently Oxfam International has released a report titled “First Crisis Then Catastrophe”.

This Oxfam report has outlined that in the year 2022, an additional 263 million people will suffer from extreme poverty.

Reasons responsible:

  • impact of covid-19,
  • inequality and food and energy price inflation,
  • Inflation intensified due to the ongoing war in Ukraine, etc.
  • All this would result in a total of 86 crore people living below the extreme poverty line on an income of $1.90 a day.

Key recommendations of the report:

  • Creation of a Global Fund for Social Security:

There is a need to establish an international financing mechanism to ensure social security. This will enable low-income countries to provide the necessary income security for their population.

Price control:

This will be possible through the following measures:

  • Cash transfer to cut value added taxes on staple food and provide income support.
  • International trade regulations should support the development of local and regional food systems. Additionally, unfair competition should be avoided with large companies affiliated with the agriculture industry.
  • Canceling unpaid debts: All debt payments in all low and lower middle-income countries should be canceled in 2022 and 2023. Also, a sovereign debt restructuring mechanism should be promoted.
  • Re-allocate and re-issuance of Special Drawing Rights (SDR): SDRs should be reallocated under the IMF. This will ensure that it is debt-free and condition-free.
  • Increase in Additional Aid: Emergency assistance provided to low-income countries should be increased.

Source – The Hindu

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