Ideas to Action:

Independent research for global prosperity

Tag: Development Finance

 

Publication

Two out of five low-income countries were in the grips of, or moving rapidly toward, unsustainable debt levels before the global pandemic. But the economic, financial, and fiscal effects of the pandemic have brought the day of reckoning for many countries much closer. The global financial community is likely entering another period of messy, prolonged, costly, and contentious debt defaults and restructurings. It does so with no more—and in some ways less—consensus on the principles that should govern collective action by public and private creditors, debtor governments, and the IFIs.

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Domestic revenue mobilization (DRM) is critical for developing countries to finance the spending necessary to enable sustainable development.

The EU’s New Budget: Europe’s Recovery at The Expense of Its Long- Term Ambitions

After a four day marathon run of negotiations, the 27 Heads of State of the EU reached an agreement on both the Recovery Fund—a large fund to support the post-COVID recovery across the EU—and its new long-term budget and priorities, the Multiannual Financial Framework (MFF) 2021-2027. While leaders across the EU are now hailing the deal as a “win” for their own voters and priorities, inevitably the negotiations were fundamentally driven by domestic interests and priorities, and predictably, international development has suffered as a result of the cuts.

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Development finance institutions (DFIs) suggest that transparency is important to their development impact, and many aim to be in a leadership position on reporting about their work, but actual practice on transparency varies significantly between DFIs.

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The World Bank’s non-concessional borrowing (NCBP) policy for IDA countries was introduced in 2006 following major rounds of debt relief and debt cancellation for a large subset of these countries through the Heavily Indebted Poor Country Initiative and the Multilateral Debt Relief Initiative.

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