Oxfam welcomes UK call to reform global financial system

The UK Foreign Secretary, Ed Miliband, has called for a major push to reform the global financial system, arguing that it is failing developing countries and calling for a new approach to debt, investment and climate resilience.

“The manifestations of this imbalance, the nature of the challenges may have changed, but the injustice hasn’t,” Miliband said in a speech in Bangkok, setting out priorities for the UK’s G20 Presidency in 2027.

His proposals include a “new deal on debt”, with longer repayment periods, better refinancing rates and faster debt restructuring, alongside efforts to mobilise private investment, strengthen countries’ resilience to climate shocks and tackle illicit financial flows.

He also called for international institutions to work more effectively together and for greater partnership between the Global North and Global South.

Oxfam welcomes the Foreign Secretary’s commitment to reforming the global financial system and his recognition that progress depends on working in genuine partnership with countries across the Global South and civil society.

“We warmly welcome the Foreign Secretary’s commitment to building a global financial system that works for people and planet. Behind the debates about debt, investment and finance are real people and communities whose lives and futures are at stake.

"Too many countries are held back by unsustainable debt and a lack of resources to tackle poverty, gender inequality, and the climate crisis.

"As the UK prepares for its G20 Presidency, we have an important opportunity to turn ambition into action – making debt relief faster, deeper and fairer, ensuring climate finance reaches those who need it most, and tackling the inequalities in our global financial system, including through fairer taxation," said Oxfam GB CEO, Richard Hawkes.

He added: "No one government or institution can achieve this alone. Progress depends on genuine partnership with countries across the Global South, civil society and communities themselves.

"We very much welcome the Foreign Secretary’s commitment to working collaboratively, and look forward to working together to help build a fairer global financial system that puts people first and gives everyone the opportunity to thrive.”