Following the OECD Development Assistance Committee High Level Meeting, Eurodad laments that delegates failed to show the solidarity that is needed to stay on track to reach the sustainable development goals.

• New research shows five of world’s largest DFIs – including the World Bank IFC – have directed just 2% of investments to companies based in low income countries
• CSOs call for a rethink during virtual Finance in Common (FIC) summit next week, where 400 public development banks, including DFIs, will discuss their role in the Covid-19 recovery effort

As the Annual Meetings of the IMF and World Bank draw to a close, Jean Saldanha, Director of the European Network on Debt and Development (Eurodad) reflects on a crucial, but disappointing, week in development finance.

The body in charge of maintaining and improving the quality, comparability and relevance of DAC statistics on development cooperation will meet informally this week. Civil society is calling for greater transparency when it comes to reporting debt relief as ODA.

Faced with the crisis of the century, the G20 has failed to meet the demands of the moment. As the Saudi Arabian presidency comes to a close, Eurodad policy experts take a critical look at what has been delivered.

Debt relief should not be reported as ODA. In the coming weeks, DAC members need to decide what is most important to them: allowing ODA double counting and inflation to create incentives to reward debt relief or upholding the credibility, integrity and solid reputation of DAC statistics.