Oxfam warns Russia's invasion of Ukraine can push quarter of a billion people into extreme poverty

Oxfam on Tuesday warned that inflation due to Russia's invasion of Ukraine can push a quarter of a billion people into extreme poverty.

The charitable organisation executive director Gabriela Bucher said, “Without immediate radical action, we could be witnessing the most profound collapse of humanity into extreme poverty and suffering in memory.”

“We reject any notion that governments do not have the money or means to lift all people out of poverty and hunger and ensure their health and welfare. We only see the absence of economic imagination and political will to actually do so.”

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"There are some very, very big hurdles, but there are many things that can be done very quickly," she added.

Suggesting the cancellation of debt repayment, Oxfam said that over 65 million people are at risk due to Ukraine's invasion.

The charity organisation said additional taxes should be levied on companies benefitting from the war in Ukraine.

Calling it a "shrinking window of opportunity" to build a fair world, Oxfam said, "We stand to witness the greatest rise in inequality since the invasion began."

Oxfam asked the G20 to protect the poorest from inflation by providing them subsidies and cutting taxes on goods and services.

It also asked the inter-governmental forum, comprising of 19 countries and the European Union to earmark $100 billion of an existing austerity fund for poor countries to draw on.

Earlier, the World Bank had predicted that 198 million people can be pushed into extreme poverty this year due to the coronavirus pandemic.

(With inputs from agencies)