The charity says the world's financial disaster is forcing 100 people a minute into poverty.
Oxfam says since the financial crisis began, poor countries which were already struggling to cope with droughts and high food prices, have been hit hard, contributing towards more than one billion hungry people in the world.
Max Lawson, Oxfam senior policy adviser, said: 'Green shoots of economic recovery have not reached the poorest countries which are now suffering severely in the global downturn.
'In the time it takes G20 leaders to tuck into dinner tonight thousands more people will be pushed into poverty and forced to survive on less than 75p ($1.25) a day.
'But despite feeding their own economies a much needed stimulus, the G20 has not yet provided even half the £30 billion ($50 billion) bailout it promised poor countries in April.'
Oxfam says the global slump means governments in Sub-Saharan Africa will be £43 billion ($70 billion) worse off this year. Because of this the charity is calling for a £178 billion ($290 billion) package of measures to ease the burden on developing countries without hitting ordinary tax payers. The package includes a 'Tobin tax' on currency transactions, a debt moratorium and a crackdown on tax havens.
They are also calling on G20 leaders to fulfil a promise made by US president Obama in July to deliver new funds to help poor countries cope with climate change. Oxfam says: 'This funding is vital to break the deadlock in climate change negotiations leading up to the make-or-break UN summit in Copenhagen in December.'
David Waskow, Oxfam climate adviser, said: 'The clock is ticking on the chances of a fair deal to prevent misery for millions at risk from climate change. It is time for G20 leaders to stand up and deliver the money needed to protect poor people.'
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