The global economy today faces a spectre of three expanding crises: huge burden of debt (public and private); repeated extreme weather events and other tragedies caused by climate change (which the world can now only adapt to, and not reduce); and the lingering public health and economic effects of the COVID-19 pandemic. These crises have become full-blown emergencies, particularly for the Least Developed Countries (LDCs). It is clear that concerted effort at the global level is required to address these challenges. Funding for such effort is in short supply as most developed economies have themselves accumulated huge debt burdens in recent years. This Policy Brief discusses international sources that could be used to provide the required financing and the resource mobilisation and disbursal mechanisms that could facilitate the effort.
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