Development Finance International

DFI participated as lead speaker on debt issues in a meeting of UK non-government experts with UK government officials, on key development finance issues for the 2027 UK G20 presidency, organised jointly by Sharing Strategies and the UK Treasury. DFI emphasised two quick wins on which the UK government could reach conclusions during its Presidency – a UNCAC resolution to end corruption in debt contracts; and PFM assistance to countries to improve their accountability and transparency to domestic stakeholders so as to avoid “hidden debts”. It also presented the key findings of its report to the UN Secretary General on ambitious measures to resolve the new global debt crisis, and suggested that the UK should aim to promote much deeper HIPC-style debt relief for lower-income and disaster-affected countries, as well as to assist comprehensive borrowing cost reduction measures for market-accessing countries. Debt Justice emphasised the need for an anti-vulture fund law to get all commercial creditors to provide their fair share of debt relief, and a UN Debt Framework Convention to avoid recurring debt crisis. The meeting is intended to be the first in a series leading to 2027.