{"id":163287,"date":"2024-04-17T13:33:07","date_gmt":"2024-04-17T13:33:07","guid":{"rendered":"https:\/\/www.one.org\/us\/?post_type=one_press&#038;p=163287"},"modified":"2024-04-17T14:57:01","modified_gmt":"2024-04-17T14:57:01","slug":"debt-service-payments-outpacing-aid-investments-in-developing-countries","status":"publish","type":"one_press","link":"https:\/\/www.one.org\/us\/press\/debt-service-payments-outpacing-aid-investments-in-developing-countries\/","title":{"rendered":"Debt service payments outpacing aid, investments in developing countries"},"content":{"rendered":"\n<p>WASHINGTON \u2013&nbsp; Global net financial transfers to developing countries have fallen to their lowest level since the Global Financial Crisis, according to <a href=\"https:\/\/data.one.org\/data-dives\/net-finance-flows-to-developing-countries\/\">new analysis<\/a> from The ONE Campaign. As the World Bank\/ IMF Spring Meetings kick off in Washington, D.C., ONE is calling on world financial leaders to take action to reverse this dangerous trend and significantly increase the availability \u2013 and accessibility \u2013 of low-cost lending.&nbsp;<\/p>\n\n\n\n<p>Debt repayments \u2013 both private and official \u2013 flowing out of developing countries are fast outpacing aid and investment coming in. These net financial transfers have dropped from their peak of $225 billion in 2014 to $51 billion in 2022 (the most recent year for which data is available). This will have a significant impact on the pace of global growth \u2013 and it\u2019s not projected to improve. At this rate, ONE found that flows will drop by another $100 billion \u2013 into the negative \u2013 in the next two years.&nbsp;<\/p>\n\n\n\n<p>This isn\u2019t the only challenge putting pressure on leaders and their budgets \u2013 higher interest rates are already keeping many countries from accessing vital flows of financing and higher debt payments lead to <a href=\"https:\/\/debtjustice.org.uk\/press-release\/countries-in-debt-crisis-cut-public-spending-in-face-of-soaring-prices\">lower public spending<\/a> on health, education, and social protection. Worse yet, aid is being diverted away from countries in need. Already in 2024, the EU, France, Germany, and the US <a href=\"https:\/\/ecfr.eu\/article\/false-economy-why-europeans-should-stop-slashing-development-aid-to-africa\/\">have announced<\/a> aid cuts totaling nearly $9 billion.\u00a0<\/p>\n\n\n\n<p>Our analysis also found that:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More than one in five emerging markets and developing countries paid more to service their debt in 2022 than they received in external financing. This could rise to more than one in three by 2025.<\/li>\n\n\n\n<li>As aid donors celebrate new statistics showing record global aid numbers, donors spent nearly one in five of their aid dollars at home, and aid to Africa has flatlined.<\/li>\n<\/ul>\n\n\n\n<p>\u201cAt a moment of such profound global need, we need bold, concrete action if we hope to tackle the interconnected crises that are affecting livelihoods and health outcomes at the country and regional levels while also stunting global growth,\u201d <strong>said Ndidi Okonkwo Nwuneli, President and CEO of The ONE Campaign<\/strong>. \u201cAfrican leaders are ready to come to the table to partner on solutions for more sustainable financing that will allow them to make investments that benefit their people and the global economy. We need global finance leaders to use these meetings to move beyond words towards real action that creates meaningful, lasting change.\u201d&nbsp;<\/p>\n\n\n\n<p>During this week\u2019s meetings, ONE is pushing global finance leaders to move swiftly on<a href=\"https:\/\/data.one.org\/data-dives\/unlocking-a-trillion-dollars-for-development\/\"> reforms that could unlock hundreds of billions of dollars<\/a> in low-cost lending. The meetings are also the first high-level gathering to discuss this year\u2019s replenishment of the International Development Association (IDA), the World Bank\u2019s fund for the poorest countries. Many African Finance Ministers have previously <a href=\"https:\/\/www.lemonde.fr\/en\/opinion\/article\/2023\/06\/21\/africa-is-part-of-the-solution-to-global-warming_6034753_23.html\">called<\/a> for a tripling of IDA resources from now till 2030.&nbsp;<\/p>\n\n\n\n<p>Learn more at <a href=\"http:\/\/data.one.org\">data.one.org<\/a>.<\/p>\n<div class=\"buffer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Global net financial transfers to developing countries have fallen to their lowest level since the Global Financial Crisis, according to new analysis from The ONE Campaign. <\/p>\n","protected":false},"author":18,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"161640,161686,161369,161581,161611,161433","_relevanssi_noindex_reason":"","footnotes":""},"contributor":[],"class_list":["post-163287","one_press","type-one_press","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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