We are just hours away from the start of Devex World 2022. As you read this, the Devex team is starting to gather for the big day, where we expect to hear from Bill Gates to kick us off.
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In today’s edition: We also have an update on Sri Lanka, where the president is expected to resign tomorrow, and there is a new report warning global humanitarian needs are worse than we thought.
Events over the weekend in Sri Lanka highlighted the extent of the global debt crisis. Protestors stormed the presidential palace, including incredible scenes of Sri Lankans taking over the swimming pool. It’s the worst financial crisis since its 1948 independence and reports say the president — who was stopped at the airport attempting to flee the country — has committed to resigning. U.N. Secretary-General António Guterres said he stands “in solidarity with the Sri Lankan people” and called for a smooth transition of government. We’ve reported on the shortages of fuel and the sky-high food prices the country is facing, amid concerns other countries may also be in the crosshairs of inflationary pressure.
The world debt crisis is on the agenda at our flagship conference Devex World today, where International Monetary Fund chief Kristalina Georgieva is in conversation with Devex’s Editor-in-Chief Raj Kumar about the overlapping crises the global economy is facing, including a threat of recession and elevated commodity prices. With more and more countries turning to the fund for help, this promises to be a critical discussion.
Georgieva is not the only high-profile figure on the agenda. Later in the day, my colleagues Amruta Byatnal and Michael Igoe will be speaking with Dr. John Nkengasong, the newly appointed head of PEPFAR. They tell me they are going to ask about the balancing act the Biden administration faces with the numerous tasks at hand, including sticking to the goals of fighting HIV, while still keeping an eye on the COVID-19 pandemic and other emerging health risks. At a time when government budgets are strained, making every dollar count will be more important than ever.
And, talking about budgets, Adva Saldinger, Devex’s expert reporter on the intersection of business and development, will be hosting a panel on climate finance. Heading into the 27th Climate Change Conference this year in Egypt, this promises to be a vital look ahead. Lower-income countries are seeking the needed capital to adapt to climate change, after years of broken promises from high-income countries and the biggest historic polluters. Among others, Adva will speak with Nuru Mugambi, a leading policy expert.
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From bad to worse
A few weeks ago the United Nations predicted the number of people in need was expected to exceed 300 million this year, but a new report suggests that — thanks to the COVID-19 pandemic — we crossed that threshold last year.
My colleague David Ainsworth reports on the Global Humanitarian Assistance Report, published by Development Initiatives, which calculated that 306 million people are already in need of assistance — 90 million more than before the pandemic struck, a nearly 30% jump. The figures dovetail with other Devex reporting, including a U.N. report that food and energy inflation has pushed 71 million people into poverty in just three months.
Report: Global humanitarian need worse than UN estimates
+ Adva will be hosting a Devex World panel on innovative finance in a humanitarian context, which will shine some light on solutions. For more of her work on the intersection of finance and development, sign up to Devex Invested, a free, weekly newsletter, and get the latest copy today.
Small steps
In December 2020, The European Commission cut off budget support for Ethiopia’s government over the conflict in the Tigray region. Now my colleague Vince Chadwick reports that €1 billion ($1 billion) has been earmarked for development assistance for the country for the budget cycle ending in 2027 — but it won’t be via direct funding to the government, at least not yet.
“The humanitarian, the political, and the military situation remain very fragile, and positive steps are reversible,” Didier Verse, the head of unit for East and Central Africa in the commission’s development department, told members of the European Parliament Monday.
Read: EU planning €1B for Ethiopia to 2027
Paying their dues
What do we know about salaries in the U.S. development sector? Well, our colleague Justin Sablich has dug into jobs advertised on the Devex website and found that some high-level positions come with significant monetary rewards, with one organization offering a hefty price tag of $400,000.
Learn more: What we know about the highest-paying globaldev jobs in the US (Career)
Check out: What we know about globaldev director-level salaries (Career)
+ A Devex Career Account membership gives you access to our entire global development job board, all of our career advice, and the ability to feature your professional profile for thousands of recruiters to find. Sign up and enjoy a 50% discount for new members, which ends today!
In other news
The Organisation for Economic Co-operation and Development sets a hard deadline for an agreement on a crucial aspect of its global tax deal. [FT]
Some 2,515 children were killed and 5,555 maimed in global conflicts around the world in 2021, according to a U.N. annual report. [Al Jazeera]
India is projected to overtake China as the world’s most populous country by next year. [BBC]
Update, July 13, 2022: This edition has been updated to reflect the European Commission’s €1 billion budget earmarked for development assistance in Ethiopia.
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About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
