OECD Calls for Overhaul of the Development Finance System

The development finance system needs overhauling, according to the Organisation for Economic Co-operation and Development, which gathers key economic data and aid spending figures from the world’s major economies.

In a report published Monday, the global forum identified a significant decline in external funding — foreign sources of funding that have the potential to affect development progress — to low-income countries. The figures indicate that the 2030 Agenda for Sustainable Development will not be achieved under the current system, the report states.