"As the COVID-19 pandemic threatens to set back development progress for a generation, it is clearer than ever that serious structural changes are needed to safeguard communities around the world, and the planet itself. We still haven't worked out how to provide public goods and services effectively and fairly across the world. That's why I wish the Expert Working Group on Global Public Investment the very best in their deliberations. The Global Public Investment approach is our best bet for modernising international public finance for the 21st century.
Never has internationalism been more needed than today. Never have the opportunities been so great, nor the price of failure so devastating. I hope this Expert Working Group will add some concrete next steps and help us navigate through our present challenges to build a fairer and more sustainable world."
GPI is a new approach to international public finance for the 21st century. It proposes FIVE paradigm shifts for the future of concessional international public finance, as we move from an out-dated and insufficient “aid” mentality to a new common framework for financing social, economic and environmental challenges in rich, poor, and middle-income countries alike:
From a narrow focus on reducing poverty to meeting broader challenges of inequality and sustainability.
FUNCTIONFrom seeing international public money as a temporary last resort, to valuing it as a permanent force for good.
GEOGRAPHYFrom one-directional North-South transfers to a universal effort, with all paying in and all benefitting.
GOVERNANCEFrom outdated post-colonial institutions to representative decision-making.
NARRATIVEFrom the patronising language of “foreign aid”, to the empowering multilateralism of a common fiscal endeavour.
While some of these paradigm shifts are already underway, others need concerted effort to move international cooperation in the right direction. It is time to write the next chapter in the history of international cooperation for sustainable development, and Global Public Investment can play a pivotal role.
The Expert Working Group on Global Public Investment (EWG-GPI) convenes experts to deliberate on the GPI concept and develop concrete proposals for the implementation of GPI. The EWG-GPI is currently in its first series of meetings to develop a concrete proposal on GPI implementation. This series of meetings will take place between October 2020-January 2021, with the publication of the first outcome report in early 2021.