The Bridgetown Agenda for global development finance

That this House notes that extreme poverty has risen for the first time this century; highlights on current trends 3 billion people will still be living on less than $6.85 by 2030; further notes that 200 million children’s lives are threatened by malnourishment; fragility and violence is spreading; learning losses amongst children during Covid could reduce future worldwide earnings by $21 trillion; acknowledges that developing countries need $5.8-5.9 trillion before 2030 to meet their emission reduction targets; notes that the cost of climate finance for developing countries is substantially higher than in richer countries and total gross debt in developing countries has reached the highest level for 50 years; welcomes the recent surge in World Bank lending, the first wave of IMF Resilience and Growth Trust agreements and proposals tabled by the Prime Minister of Barbados to transform the scale of global development finance; and calls on the Government to substantially increase the on-lending of UK Special Drawing Rights via the IMF, to mobilise an alliance of nations to on-lend SDRs to multi-lateral development banks, to advocate for the G20 review of MDB Capital Adequacy Frameworks recommendations by allowing loans against shareholders callable capital, to mobilise support for an increase in subscribed capital for World Bank; to advocate for reform of the World Bank’s mission to include reference to sustainability and resilience, to explore proposals for a Global Resilience Trust seeded by Special Drawing Rights, to present to Parliament proposals to restructure unsustainable debt burdens of vulnerable countries and to take steps to return UK aid to 0.7% of GDP.