Financing development?

This report summarises research carried out in nine focus countries as well as an analysis of the situation at the global level as regards debt management, domestic resource mobilisation and illicit financial flows.

It has been coordinated by the European Network on Debt and Development (Eurodad) in cooperation with its partners – ActionAid Bangladesh, Asian Peoples’ Movement on Debt and Development (APMDD), Centro de Derechos Económicos y Sociales (CDES) (Ecuador), Jubilee Caribbean, Jesuit Center for Theological Reflection (JCTR) (Zambia), Oxfam Morocco, Red Latinoamericana por Justicia Económica y Social (LATINDADD), Tax Justice Network Africa (TJN-A).

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In mid-2025, the world’s governments will gather in Spain for the 4th United Nations (UN) Summit on Financing for Development (FfD). This Summit, taking place a little over 20 years since the first FfD Summit in Monterrey in March 2002, will be a key moment to assess the fairness and efficiency of global economic governance, and for world leaders to address underlying systemic issues and challenges. With this in mind, it is high time to ask: How is it going with financing for development? In this report, we assess the situation with a specific focus on debt management, domestic resource mobilisation and illicit financial flows.

There are direct links between the level of available public resources of governments and the ability of countries to fulfil the Sustainable Development Goals (SDGs), the global environmental targets, as well as their human rights obligations, including those related to gender equality and women’s rights.

Researchers have warned that, following the Covid-19 pandemic, the world is now facing a potential ‘austerity pandemic’, as governments around the world are slashing public budgets at large scale. In fact, projections have shown that 85 per cent of the global population might be impacted by public budget cuts in the coming years.

At the core of this problem lies a systemic failure within the global economic governance systems. This includes a lack of a fair, effective and inclusive global system to tackle key factors such as sovereign debt challenges and international tax dodging by wealthy individuals and corporations.