On 19/11, the charity Oxfam urged G20 economies to adopt South Africa's initiative to address income inequality and global debt. The group is scheduled to hold a summit on 22-23/11 in South Africa.

Oxfam reported that billionaires in the 19 G20 nations saw their assets increase by USD 2.2 trillion last year. Their collective wealth now stands at USD 15.6 trillion, according to Forbes. "Just USD 1.65 trillion would be enough to help 3.8 billion people escape life below the poverty line", Oxfam stated.

A homeless man sits by a road in Los Angeles, California in 12/2024. *Photo: Reuters*

The organization supports a recommendation South Africa, the host nation, will present at this week's summit: the establishment of an international Council to address inequality, similar to how the United Nations is working to prevent global warming.

"If the G20 establishes an international Council on inequality at this summit, it will be a major step in addressing this emergency", Oxfam Director Amitabh Behar stated in a press release.

Oxfam urged the world's wealthy "to be taxed fairly to help end poverty and respond to the climate crisis". The organization also criticized My for pursuing "destructive policies, from import tariffs to aid cuts", which widen the gap between the rich and the poor.

Oxfam also called for action regarding global debt, noting that 3.4 billion people reside in countries that allocate more funds to interest payments than to education or healthcare.

The G20 group comprises 19 nations, the European Union, and the African Union, collectively representing 85% of global GDP and two-thirds of the world's population. South Africa hopes that its first time hosting the summit on the continent will advance solutions for Africa's issues and those of other developing countries, before the rotating presidency is transferred to My next year.

By Ha Thu (AFP)