Multilateral development banks like the Asian Development Bank must do more and act faster to overcome these crises and help people
The world is at a tipping point. The pandemic left a toxic legacy of spiralling poverty, debt distress, and growing inequality, all amid a worsening cost-of-living crisis and geopolitical instability. Even more alarming is, a long-term existential threat that is already wrecking lives and costing billions.
We need bold action to deliver the estimated US$3-trillion needed annually by 2030, according to the G20, to tackle global challenges and revive progress on theThe G20 believes MDBs can help deliver this finance by wringing every last dollar from their balance sheets. I agree, and at the Asian Development Bank that process is well under way.
Second, as many countries can’t afford to take on debt after spending to manage pandemic effects, they need to raise more funds domestically. The G20 estimates that two-thirds of the required US$3-trillion for global challenges can be raised through domestic revenue mobilization and local finance.