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Multilateral Development Finance 2022

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Nearly three years after the outbreak of the COVID-19 pandemic, a succession of mutually reinforcing crises and a challenging global context are putting the multilateral development system under pressure. Multilateral development finance is stretched across an ever expanding list of priorities, ranging from humanitarian crisis response to the provision of global and regional public goods. The urgent nature of these crises requires renewed efforts to strengthen the financial capacity of the multilateral development system but should not divert attention from other parts of the reform agenda, such as the need to reduce the fragmentation of the multilateral architecture.

This third edition of the Multilateral Development Finance report presents recent trends in multilateral development finance in order to inform decisions by the members of the OECD Development Assistance Committee (DAC) on their strategic engagement with multilateral organisations. It presents an overview of challenges and ongoing reform efforts, and examines the evolution of financial flows to, and from, multilateral organisations. The report is supplemented by online statistics on DAC members’ multilateral contributions, available in the Development Co-operation Profiles.

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Financing from the multilateral system

The multilateral development system has channelled record volumes of financing to support developing countries in recent years.Even so, it is still not enough to meet the magnitude of challenges they face. Multilateral organisations’ ability to adapt to shifting priorities during the COVID-19 pandemic was key for avoiding further economic and social damage to developing countries. Looking forward, similar agility will be required of multilateral development finance to accompany developing countries as they transition from short-term crisis response to longer-term investment in a sustainable recovery. A key challenge will be to ensure that multilateral development finance helps materialise the promise of building back better, by contributing to both pillars of the recovery – inclusiveness and sustainability.

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