Humanitarian organisation Oxfam has proposed that G20 countries issue $1 trillion in Special Drawing Rights (SDRs) for developing countries to help them fight the economic impact of the coronavirus pandemic.

Oxfam’ s new report Dignity Not Destitution called on world leaders to agree on an ‘economic rescue package for all’ to enable poor countries to provide cash grants to those who have lost their income and to bail out vulnerable small businesses.

The report warned that the economic fallout from the coronavirus pandemic could push half a billion more people into poverty unless urgent action is taken to bail out developing countries.