The global economy has been buffeted by a series of shocks, including the COVID-19 pandemic, the war in Ukraine, and climate events. These have disproportionately affected low-income countries, reversing earlier gains in poverty reduction and exacerbating existing structural deficiencies.
The development architecture, with its focus on emergency funding and interventions, has proven inadequate in addressing the recurring and intensifying shocks faced by low-income countries. A shift toward uber-resilience, defined as building back a stronger capacity to anticipate, prepare for, and respond effectively to shocks, while also seizing opportunities for growth and development, is needed.
To achieve uber-resilience, the architecture for financing development must rethink its approach. A continuum between aid and market-based instruments should be created, ensuring that reforms and interventions effectively graduate low-income countries from aid dependency.