Did the G20 Deliver on Development Finance?

November 13, 2023

Did the G20 Deliver on Development Finance?

By Eliza Love

This article was first published by Interaction.

This year’s annual G20 Summit took place during a time of overlapping crises, with climate change, debt, and inflation exacerbating existing economic inequalities and reversing development gains. As it does every year, the group issued a joint declaration signed by all members. This declaration represents their commitments toward priorities agreed upon during the respective ministerial and working group meetings held in advance of the Summit.

The G7/G20 Advocacy Alliance, made up of InterAction Members and allies, works to influence the annual summits by organizing policy teams and developing recommendations around core issues. This year, Management Sciences for Health (MSH) partnered with InterAction to lead the Alliance’s Sustainable Finance team through the process of drafting a set of recommendations calling on the U.S. to play a leading role in encouraging bold action. Here we examine to what extent the joint declaration addresses the Alliance’s asks.

Deliver on Debt Relief

Fulfill the Promise of Special Drawing Rights

Ensure Access to Effective and Equitable Development Finance

Moving Forward

Notably, the African Union (A.U.) was made a permanent member of the G20. This welcome admission provides an important opportunity for Africa’s increased involvement in global development finance decisions. The A.U.—comprised of 55 member states—now has the same status as the European Union, the only other regional bloc with a full membership.

As the G20 moves into planning for next year’s summit, the Advocacy Alliance renews our calls for immediate action to address the accelerating global financial crisis and to expedite progress toward critical global development goals.