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Financing sustainable human development

This report by Jesse Griffiths from Eurodad outlines critical insights into financing sustainable human development. It highlights the importance of domestic resource mobilization and systemic reforms to stem financial outflows, particularly illicit ones costing developing countries $160 billion annually. The paper discusses the urgent need for public finance in low-income countries and global public goods, while emphasizing the limitations of private finance. Recommendations include improved transparency in financing, responsible lending standards, and mechanisms to deal with debt crises.

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Financing sustainable human development

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  1. Financing sustainable human development Jesse Griffiths Eurodad 7 October 2013

  2. Structure • What do the numbers tell us? • What should be done? • How to get there

  3. A: What do the numbers tell us?

  4. Numbers tell us: • Domestic resource mobilisation crucial • Stemming outflows requires systemic reform • Public / private? • Urgent need for public finance for LICs and global public goods • Private finance – be aware of limitations • Mechanisms needed to prevent and deal with debt and finance crises

  5. Numbers tell us: • Domestic resource mobilisation crucial • Stemming outflows requires systemic reform • Public / private? • Urgent need for public finance for LICs and global public goods • Private finance – be aware of limitations • Mechanisms needed to prevent and deal with debt and finance crises

  6. Tax revenue (%GDP)

  7. Domestic investment (%GDP)

  8. Numbers tell us: • Domestic resource mobilisation crucial • Stemming outflows requires systemic reform • Public / private? • Urgent need for public finance for LICs and global public goods • Private finance – be aware of limitations • Mechanisms needed to prevent and deal with debt and finance crises

  9. What do the numbers tell us?

  10. Stemming outflows • Illicit financial flows = two thirds tax evasion by corporations • $160bn lost in tax annually by developing countries

  11. Numbers tell us: • Domestic resource mobilisation crucial • Stemming outflows requires systemic reform • Public / private? • Urgent need for public finance for LICs and global public goods • Private finance – aware of limitations • Mechanisms needed to prevent and deal with debt and finance crises

  12. Public/ private? • Public need • Sub-Saharan Africa = taxes per capita <$500 per person even in lower middle-income countries • 37 countries, aid = >10%GDP • Many crucial services require public funds to pay for them e.g health, education, sanitation • Private flows have macro problems • Volatility & predictability • Pro-cyclicality e.g 2008 $25bn portfolio equity flowed out of LICs • Blending / leveraging – issues of transparency, accountability + development impact

  13. Numbers tell us: • Domestic resource mobilisation crucial • Stemming outflows requires systemic reform • Public / private? • Urgent need for public finance for LICs and global public goods • Private finance – aware of limitations • Mechanisms needed to prevent and deal with debt and finance crises

  14. Dealing with crises • Reserves accumulation = insurance as vulnerable to global financial system, no faith in IMF • $7.7 trillion held by developing country governments (2012) • Most in US treasuries – developing countries lending to US on a massive scale • Debt crises = with us until proper solution found • Debt Workout Mechanism

  15. B: What should be done? • “European civil society scorecard for European action” • CONCORD • Eurodad • CAN Europe • Main point: hold EU governments to account

  16. Scorecard - summary • Put the EU house in order – prevent tax dodging (country by country, beneficial ownership, automatic info exchange) • Respect policy space (e.g. promote reponsible lending standards) • Increase + improve public financing (e.g. ODA + innovative financing) • Preventing crises (e.g. debt work out)

  17. C: How to get there • Needs focus on financing! • 2015 process (very little in high level panel report, though recognition of importance of illicit flows) • UN committee of experts on sustainable development financing (intransparent) • Need to put high level attention on issue – major follow up to UN FfD conferences (Monterrey 2003, Doha 2008)

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