Open letter to G20 Finance Ministers

After four years of overlapping crises, advanced economies are rebounding, yet many developing and vulnerable economies are languishing and facing a historical reversal. However, the opportunity remains to upgrade our global financial system, unlock investment, reduce inflation, fight inequality, avert a worsening climate crisis and achieve the Sustainable Development Goals.

Ahead of a series of meetings in Rio de Janeiro, Development Initiatives and 26 other organisations call on G20 Finance Ministers to seize this opportunity to usher in a new era of international cooperation.

The letter calls on G20 Finance Ministers to address five key issues:

1. Set the stage for a successful IDA21 replenishment, increasing IDA donor contributions by 25% to provide greater financing for the poorest and most vulnerable countries.
2. Leverage the full potential of Special Drawing Rights, to provide precious financing to address rising global challenges including climate and food security.
3. Accelerate the evolution of multilateral development banks, ensuring they work together better as a system, in support of country priorities and platforms for action.
4. Deal with debt, reversing negative financing flows and speeding up investment in development and climate resilience.
5. Make progress on international taxation, setting out a path to agree a global standard to tax billionaires under coordinated principles.

Letter signatories

• ONE
• Global Citizen
• Accountability Lab
• ACET
• Amy Dodd, independent consultant
• Bankers without Boundaries
• Caribbean Policy Development Centre
• Chris Humphrey, ODI
• Connected Development
• Demos Helsinki
• Development Initiatives
• Don't Panic
• E3G
• ECCO think tank
• FollowTheMoney-Connected Development
• G20 for Impact
• Germanwatch
• Glasgow Actions Team
• Global Public Investment Network
• Japan NGO Center for International Cooperation (Janic)
• New York University, Center on International Cooperation
• Oxfam Pandemic Action Network (PAN)
• Plataforma CIPÓ
• Resilience Action Network Africa (RANA)
• Sharing Strategies
• The International Institute for Environment and Development
• Think Equal