Restoration essential to stem irreversible harm to the world’s most vulnerable populations
The UK government used to be a leading financier of international development aid and shaper of aid policy. But after a rapid rise in public spending in 2021, it tried to balance its books by temporarily lowering its commitment from 0.7% (the United Nations target) to 0.5% of gross national income. It phased out aid for 102 territories nearly a quarter of which were fragile or in conflict. The remaining 34 recipients of aid received less support.12 Furthermore, in 2022 nearly a third of the total aid budget (£3.7bn) was spent on hosting refugees in the UK, a bill that more than tripled in a year, squeezing other areas of development cooperation even further.3
Until 2020, the UK was the second largest donor to health programmes. Its 2022 international development strategy continued to prioritise global health,4 but the UK’s spending on the health sector halved from $1.5bn in 2020 to $763m i
Macron finance summit tackles global debt and climate reforms
eco-business.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eco-business.com Daily Mail and Mail on Sunday newspapers.
Macron finance summit tackles global debt and climate reforms
zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
This includes a $100 billion plan to drive more climate and development investment using currency guarantees from the IMF and other multilateral development banks (MDBs) - one idea among many to boost funding for developing nations. Mottley's special envoy Avinash Persaud said dealing with debt was going to "play a big role" in developing countries' response to climate change, citing a World Bank estimate that these nations require $2.4 trillion annually for the next seven years to address costs from climate change, conflict and pandemics.