The global financial system is outdated and unprepared for modern challenges. With nearly half the world’s population living in countries spending more on debt repayments than on health, education, or food, and with official aid shrinking, leaders in low- and middle-income countries are demanding a fundamental redesign.
This movement is driven by three key pillars: revenue, debt relief, and investment.
To address revenue creation, officials are building a United Nations-led framework to reform global tax rules, giving low- and middle-income countries a voice in how they raise their own revenue. For debt relief, governments discussed establishing a "borrowers club" at the Fourth International Conference on Financing for Development, or FfD, in Sevilla, Spain, earlier this year to coordinate their demands. And to build investment, private industry is being brought to the table en masse.
About the author
Thomas Cserep
Thomas Cserép is an Associate Editor who manages and oversees Devex's social media presence, coordinates Devex’s audience outreach, and produces the This Week in Global Development podcast. Prior to Devex, he worked as a freelance journalist, with his writings appearing in a variety of publications, including Get Spanish Football News and the magazine of the Hungarian Geographic Society.
