Trust, Accountability and Inclusion Collaborative’s Post

Incredible news as the UK announces a £1.98 billion pledge to the International Development Association (IDA) 21st replenishment, a 40% increase on its last commitment. This contribution from the UK is significant in both its generosity and the impact it will have. It’s not just a financial gesture, but a signal of the UK's commitment to global development – especially in difficult times – and to the betterment of lives across the world. Along with several other donors announcing early, significant increases in their pledges, we head into the replenishment meeting in Seoul next week with great momentum to deliver the ambitious IDA21 so many have been calling for. Getting to this point has been driven by the great partnership that is IDA - a partnership with low-income countries, donors, civil society and beyond. Each one recognising that investing in IDA is one of the best defenses we have against conflict, climate shocks and fragility and committed to build a future that benefits us all. https://lnkd.in/eGYzjQDZ

A very powerful call for a reform of the development finance architecture and redoubling efforts on the Bridgetown Initiative from PM Mia Mottley today (also here: https://lnkd.in/eXUaKZzd and https://lnkd.in/esgD9k3Z). Only one of the many highlights in a rich programme of nearly 200 events at UN’s #SIDS4 conference in Antigua this week. For my own brief to explore the scope for private sector #bluefinance I took away five main insights, necessarily broad-brush and selective: Some countries in the region have defined cutting edge tools to assess resilience (e.g. Jamaica: https://lnkd.in/e4NxJ5Ku), and begin to flesh out their #adaptation plans. This will be key for private sector development and also for nature-based solutions and the blue economy. Multilateral climate funds are still a key support and belatedly address complexity and lengthy procedures in disbursing adaptation finance. Only once such funding is reasonably certain can the resilience agenda become more central in guiding policy. The repeated impact of climate disasters has led to a cycle of debt, though capacity to manage debt and allocate spending is surprisingly sound (as documented in this new paper by ODI: https://lnkd.in/eKhPhnSP). Only some of the SIDS have debt-bearing capacity and market access. Some have tappped bond investor appetite for nature outcomes and in the process set out long-term fiscal plans, as e.g. Fiji last year. Only what is insurable will be investable. Solutions do exist and may shape donor support: https://lnkd.in/e8JTch4h Domestic resource mobilization will only be a meaningful source of funding in some of the larger economies. #Greenbonds by banks and perhaps some sovereigns in the region are promising also for the blue economy. A proposal for a regional development backed by nature assets likely somewhat ambitious and ahead of its time. Island economies on the front-line of the climate crisis are small in size though rich in nature assets. Mobilizing finance towards their resilience will be key in arresting the ongoing degradation in the ocean health and its key role as a buffer in the carbon cycle. Ocean Risk and Resilience Action Alliance

“The case for more IDA funding does not solely rest on need but also on African countries’ ability to enhance their absorptive and governance capacities to effectively utilize funds and demonstrate accountability.” With the The World Bank announcing a record $100 billion IDA Replenishment in its 21st cycle (IDA21) today, our CEO, Daouda Sembene, PhD and Mahmoud Mohieldin co-authored an opinion piece exploring how IDA’s critical financing can serve as a stepping stone toward a stronger global financial safety net which can drive consistent progress toward achieving #SDGs and #Agenda2063. They emphasize the need to reimagine IDA not as a donor-beneficiary framework but as an equal partnership between borrowers and donors, one designed to tackle global challenges and shape a shared, sustainable future for all. Read the article 🔗 https://lnkd.in/dJiBnkDj United Nations Center for Global Development

Insightful policy brief by Development Reimagined highlighting considerations on the opportunity to strengthen Africa's voice in the multilateral system following the African Union's inclusion as a full, permanent member of the Group of 20, to form the G21. They highlight 6 priorities to support the AU's engagement: 1.    Reimagining the IMF Quota System to Provide Fair Representation for The African Continent. 2.    Facilitate SDR Reallocation to the African Development Bank  3.    Support a Reformed Debt Sustainability Analysis – including revisions to the restrictive 60% debt-to-GDP thresholds. 4.    Revise the G21 Common Framework based on African Positions.    5.    Alignment with the AUs Agenda 2063 and Infrastructure Development. 6.    Support capital increase at MDBs, as outlined by the Capital Adequacy Framework report. Will be fascinating to see what Africa's inclusion and representation looks like for the priorities and decisions of the G20 going forward, and how African countries can agree work together towards a harmonised position on priority issues for the continent. https://lnkd.in/emgNqe9G Full brief here: https://lnkd.in/e-UTbMur

On 14 November, we will launch our 2024 flagship report, "Unpacking Africa’s #Debt: Towards a Lasting and Durable Solution." This latest report on Africa’s development, which is based on this year’s Report of the United Nations Secretary-General on the New Partnership for Africa’s Development (#NEPAD), confronts the urgent need to reform #Africa’s debt structures, providing a roadmap for African nations to escape the constraints of unsustainable debt, reclaim fiscal space and refocus resources on a #SustainableDevelopment agenda. In the post-COVID-19 economic landscape, Africa’s debt challenges have become an increasing barrier to development. For example, more than 40 per cent of African countries allocate more funds to debt service than to health. This report offers actionable recommendations to help African countries regain financial autonomy, fortify their economies, and invest more directly in their citizens' future, including: ✔️ Enhanced Support from Multilateral Development Banks ✔️ Comprehensive Debt Relief Measures ✔️ G20 Common Framework Improvements ✔️ Incentives Linked to SDG Progress ✔️ Reforming the Global Financial Architecture ✔️ Transparent #Credit Ratings Our report is a call to action for African nations to reclaim their rightful financial autonomy, and for Africa’s development partners to transform the international financing mechanism into a contemporary win-win platform that prioritize long-term development solutions tailored to Africa’s realities. Through these actions, African countries can boost targeted investments to effectively impact the lives and livelihoods of their people. Join us and participate in the launch event. Share widely with your network. 📆 Thursday, 14 November 2024 🕙 10 a.m. to 11:30 a.m. New York local time https://lnkd.in/eX9SDmF3 UN Sustainable Development Group, United Nations Economic Commission for Africa, African Union

Our CEO, Jude Addo, recently shared his insights on the pressing issue of debt restructuring for African nations with the BBC News. 🎙️ In a thought-provoking discussion, Jude delved into the challenges faced by African countries and the critical need for sustainable solutions. 💡 Catch the full interview below and share your thoughts in the comments! #DebtRestructuring #Africa #BBC #Sustainability

𝗔𝗡𝗔 𝗕𝗥𝗘𝗔𝗞 𝗡𝗘𝗪𝗦 Visit our website and read our hourly news briefs to keep up with the latest news from the continent. #Africa #financing #development #climate #multilateralism #financegap #paradigmshift #growthmodel #ODA #publicdebt #FDI

How can we create financing strategies that drive #SustainableDevelopment and adapt to our evolving global economy? Integrated National Financing Frameworks #INFF represent a comprehensive approach to mobilizing, allocating and managing financing for development. Find out how ESCAP is supporting countries to align national priorities and #SDGs: https://buff.ly/3WyVVH5 🤝 United Nations Department of Economic and Social Affairs UNDP

We are thrilled to announce the strengthened collaboration between the International Monetary Fund and the Inter-American Development Bank led by both leaders Ilan Goldfajn and Kristalina Georgieva bringing enhanced support to #LatinAmerica and the #Caribbean. In #CostaRica, our partnership has already achieved remarkable milestones, such as the joint work for fiscal consolidation, with coordinated macroeconomic support lending, and the successful completion of the Resilience Sustainability Fund (#RSF). The IDB has been instrumental in designing an innovative budget classification system for climate-related expenditures and developing cutting-edge tools to prioritize capital projects with climate change criteria. Together, we are advancing the legal and regulatory framework for Public-Private Partnerships (#PPPs), including establishing a Project Preparation Facility, announced by the IDB, IMF, and Costa Rica government in the last COP conference in Dubai. This initiative will unlock unprecedented private-sector financing for climate investments, driving sustainable growth and resilience across the region. Raphael Anspach Ana María Ibáñez Anabel González Jordan Schwartz Tomás Bermúdez Shirley Malespín Nogui Acosta Jaén Valerie Lankester Marta Ruiz Arranz Melvin Quiros Luis Molina Chacon Ariel Barrantes Emilio Pineda Gaston Astesiano Ancor Suárez Alemán Isabel Granada Sandra Navarro Castillo Arnoldo Andre - Tinoco Graham Watkins Yolanda López Javier Salgado Derqui Loreto Setien Angela Funez Jordan Schwartz Axel Radics Ding Ding （丁鼎）