Will Transforming the Global Financial Architecture deliver for People living in Poverty?

Reducing poverty and improving equity
May 16, 2023 | Development Initiatives

Despite the 2030 Agenda being promoted as the means of eradicating poverty and inequality by 2030, there is a growing realisation that this is practically impossible as the funding gap to deliver the sustainable development goals (SDGs) is estimated to be in the trillions. The call is growing across a broad range of stakeholders for multilateral development bank (MDB) reforms that can both deliver the finance needed to meet the SDGs by 2030 through an entirely new financial architecture, suggests Fionna Smyth of Development Initiatives. In the face of the reversal of development gains after the pandemic and the existential challenge of the climate crisis, World Bank shareholders have asked World Bank staff to review the institution’s mandate to eradicate extreme poverty and accelerate economic growth. The author asks: what kind of evolution is needed to solve the current crises equitably, inclusively and accountably?

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