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Greater Responsibility in Finance for Development

Oxfam Novib, together with SOMO, works on strengthening the power of Civil Society Organizations (CSOs) to promote fiscal and financial justice, monitor government spending and hold governments, the private sector and international institutions to account.

By creating awareness of injustices in fiscal and financial systems and mobilizing audiences, public and private sector champions and the media, the terms of debate will shift, creating space for policy change. We aim to strengthen pro-poor and gender just fiscal policies in developing countries, stimulate bold measures against tax evasion and avoidance, foster more and better aid and innovative finance, and a stable financial sector that contributes to the public interest. As a result, more women, youth and other citizens will benefit from increased quantity and quality of finance for development, and enjoy basic rights and equal opportunities in more democratic societies.

Globally, Oxfam and SOMO’s efforts have also raised tax justice on the agenda of several international platforms and contributed to various policy shifts. With partners including Eurodad, the Financial Transparency Coalition and Tax Justice Netherlands, we lobbied EU institutions on action against tax havens and tax avoidance. On the topic of tax havens, Oxfam´s influencing work is truly global, addressing institutions in both the global north and south. 

Within Oxfam Novib, there are three teams working on Greater Responsibility in Finance for Development:

Even it Up!
Transparent and Accountable Finance
Civil Society Space

Facts:

Project name:  Strategic Partnership in Greater Responsibility in Finance for Development
Period: 2016-2020 
Target group:  Civil Society Organizations, citizens, government officials
Location:  Morocco, Egypt, Occupied Palestinian Territory, Niger, Nigeria, Uganda, Pakistan, Cambodia and Vietnam.

The project build further on the work in CRAFTand the Fair Tax Monitor, and falls under the FAIR program.

Contact:

For more information you can email Stefan Verwer

Details

URGENCY

Extreme inequality is holding back the global fight against poverty. The 85 richest people in the world own the same wealth as the poorest 3.5 billion people. Unless things change, by 2016 the wealth of the top 1% will exceed that of the rest of the world. Seven out of ten people in the world live in a country where the gap between rich and poor is worse than thirty years ago. Six of the ten fastest growing economies are African countries, but Sub-Saharan Africa is also the region with the second highest income inequality in the world.

According to the World Economic Forum, inequality is one of the key challenges of our time. Economic inequality, social (including gender, race, caste, class, religion, age) inequality and political capture (political and economic elites unfairly bending rules and regulations in their favor) are mutually reinforcing and self-perpetuating. Breaking this cycle is critical as it is the main obstacle for people to escape poverty and claim their rights. According to Oxfam Novib and SOMO this requires major changes in three key areas:

  1. fiscal systems, political capture and budget monitoring;
  2. financial systems; and
  3. financing for development.


PROJECT

Extreme inequality is holding back the global fight against poverty. The 85 richest people in the world own the same wealth as the poorest 3.5 billion people. Unless things change, by 2016 the wealth of the top 1% will exceed that of the rest of the world. Seven out of ten people in the world live in a country where the gap between rich and poor is worse than thirty years ago. Six of the ten fastest growing economies are African countries, but Sub-Saharan Africa is also the region with the second highest income inequality in the world.

According to the World Economic Forum, inequality is one of the key challenges of our time. Economic inequality, social (including gender, race, caste, class, religion, age) inequality and political capture (political and economic elites unfairly bending rules and regulations in their favor) are mutually reinforcing and self-perpetuating. Breaking this cycle is critical as it is the main obstacle for people to escape poverty and claim their rights. According to Oxfam Novib and SOMO this requires major changes in three key areas:

  1. fiscal systems, political capture and budget monitoring;
  2. financial systems; and
  3. financing for development.


IMPACT

The impact of the Finance for Development program is to have more citizens enjoying their basic rights and financial inclusion, and experiencing equal opportunity in more democratic societies. To program aims to achieve five specific long-term outcomes in the 9 countries:

  1. National civil society increasingly holds governments, international institutions, regional bodies and the private sector to account for extreme inequality and poverty.
  2. Governments, international institutions and MNC’s take measures against tax evasion and avoidance.
  3. Governments ensure more pro-poor fiscal policy and with the private sector, are more transparent and accountable.
  4. Governments and international institutions enhance (new forms of) development aid and innovative finance.
  5. Governments, international institutions and private sector ensure an inclusive, sustainable and stable financial sector.


 

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