The debt games -
Is there a way out of the maze?

Next week, civil society will push for comprehensive debt reform at the second preparatory session ahead of the UN Fourth Financing for Development Conference 

Today's vote is tax history in the making, approving a mandate for the world's countries to initiate ambitious and much needed reform of the global tax rules.

“We are watching tax history in the making", said Eurodad's Tax Coordinator, Tove Maria Ryding. 

The conclusion of the ongoing negotiations for the post-2025 climate goal is top of the agenda at COP29 this week in Baku, Azerbaijan. Civil society is calling on global north leaders to deliver a binding commitment, strive to re-establish trust, and recognise the owed climate debt to the global south.

One year ago, at the time of the Annual Meetings in Marrakech, WBG President Ajay Banga said “I don’t subscribe easily to buzzwords about how to do things”. This was in response to CSO concerns about the use of the ‘cascade approach’ to development – a phrase coined by the WBG seven years ago. In plainer English it means the WBG seeks to leverage private finance in support of development and climate projects. Today, ahead of the 2024 Annual Meetings, which mark the 80th anniversary of the institution, the World Bank Group says it aims “to create a future-ready World Bank Group.” This sounds like yet another buzzword to us.

Following the close of the Summit of the Future, a common belief and consistent narrative seem to be taking shape among civil society and other critical actors that has not yet been reflected within the official proceedings. That belief and narrative? That the current international aid architecture is failing and a new and transformative approach to how international development cooperation is governed at the global level is needed. The Fourth International Conference on Financing for Development (FfD4), taking place in Sevilla (Spain) next year, is a major opportunity to achieve that.