LONDON, UK – 14 October 2026 – Ed Miliband will today call for a ‘new deal’ for developing countries struggling under the burden of debt, in a speech at the IMF and World Bank annual meetings in Bangkok.

Adrian Lovett, UK Executive Director of the ONE Campaign, said:

“It’s good to see the Foreign Secretary’s determination to fix a financial system that means too many young people around the world don’t get the chance to thrive. Many of the world’s poorest countries are paying more to creditors than they can spend on schools, hospitals or protecting themselves from climate disaster. That is holding back growth that would benefit us all.

“Action to cut debt and reduce the cost of capital for African governments is urgent. Using development banks to refinance expensive debt on better terms would give developing economies real breathing space – and could ultimately save lives and livelihoods. We want the government to bring private lenders to the table so they share the cost.

“The test now is delivery. The Gleneagles G8 summit in 2005 showed what Britain can do when it leads, and next year’s G20 presidency is a chance to do it again. But we need the Prime Minister and the Chancellor to put their weight behind these efforts, as well as the Foreign Secretary. Without a concerted drive right across the government, today’s words may not turn into action.”

-ENDS-

Adrian Lovett, UK Executive Director of the ONE Campaign, is available for interviews.

Please contact Ben Weich, Senior UK Media Manager: [email protected] / 07792 667241

About the ONE Campaign:

ONE is a global, nonpartisan organisation advocating for the investments needed to create economic opportunities and healthier lives in Africa. Our trusted advocacy combines hard-hitting data, grassroots activism and political engagement to influence decision-makers and drive lasting change. Learn more at ONE.org