2025-06-16-IMF-国际货币基金组织第四次发展筹资会议对国际发展筹资议程的贡献（英）_101页_3mb

Executive Summary

The context for development remains challenging, facing a series of economic shocks since 2020 and high debt service burdens, particularly in low-income countries (LICs). Achieving the Sustainable Development Goals (SDGs) by 2030 is increasingly unlikely due to unrealistic funding requirements exceeding absorption capacities. A more ambitious, yet realistic path targets meeting SDG progress in the 2040s with $3.5 trillion in public sector financing alone for 2025-2029.

Accelerating development requires a major collective effort of three pillars: strong domestic reforms for stability and efficiency; international support (coordinated capacity development and financing); and proactive debt management addressing both unsustainable debt and high service burdens. The IMF has a critical role, notably through tailored policy advice, capacity development, financial support, and leadership on debt issues. Enhanced coordination with partners, especially the World Bank, is essential to leverage comparative strengths and avoid duplication.

Significant heterogeneity exists among developing countries, necessitating tailored approaches. Particular attention goes to the poorest and fragile countries (FCS), which require sustained support. The $3.5 trillion figure represents half of public sector needs in a revised scenario accounting for countries' absorption capacity.

A Challenging Context for Development

Several major shocks have impacted the world economy since 2020, with low-income and fragile countries disproportionately affected. These include the COVID-19 pandemic, war in Ukraine, inflation, supply chain disruptions, and heightened geopolitical tensions. Debts remain high, especially external financing needs have surged significantly, particularly in LICs. Ongoing trends, such as climate change and trade fragmentation, especially affect developing countries.

A Strategic Collective Action Agenda

Accelerating development requires domestic reforms, international support, and proactive debt management. Domestic reforms include price stability, growth promotion, public spending efficiency, and revenue mobilization, while fostering a sound macroeconomic and financial environment. International support must focus on well-coordinated capacity development, grants/concessional loans, and new finance mobilization. Debt challenges demand further improvements in restructured processes and framework pathway implementation to address sustainable debt service burdens.

A Strong Role for the IMF

The IMF plays a central role in maintaining or restoring macroeconomic stability through surveillance, capacity development, and lending, especially during balance of payments needs. The Fund actively engages on debt issues and collaborates closely with the World Bank and other partners to address development financing. Activities focus on policy advice, technical assistance support countries to design and implement reforms while capacity development enhances their institutional and human resources.

IMF Collaboration with the World Bank

Deepened since the 2020 COVID-19 emergency, collaboration spans multiple areas including domestic resources, debt sustainability, financial stability, governance, social spending, and climate action. Formal frameworks guide certain areas while informal arrangements work in others. High-level strategic engagement and improved internal incentives for collaboration have enhanced information sharing between the institutions.

Issues for Discussion

Directors agree with the assessment of a challenging context and financing needs. While endorsing the proposed strategic path forward, consensus exists that implementing the agenda requires strengthened multilateral engagement.

Key Conclusions from Ann

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The heterogeneity among developing countries necessitates differentiated support, with particular attention for the poorest and FCS. Achieving the SDGs solely through official financing is insufficient. Proactive debt management and enhancing private finance mobilization remain critical. Multilateral engagement, especially with partners like the World Bank, is essential.