1、Development Finance in Global SouthKevin P.GallagherBoston University Global Development Policy CenterZheng ZhaiBoston University Global Development Policy CenterAuthorsThe views expressed in the report are the authors own and do not necessarily reflect the position of GSRC.SummaryAdequate and effec
2、tive development finance is crucial for Global South countries to achieve development and address challenges.Grants and debt finance are the main forms of development finance discussed in this report.In recent years,Global South development finance has been characterized by“net inflows have turned n
3、egative due to a slowdown in new lending and rising debt servicing costs.”The proportion of grants to GDP in developing countries has declined from 1.5%in 2006 to around 0.5%in recent years,and major developed countries have announced to cut foreign aid budgets.The scale of debt financing has increa
4、sed,but its proportion to GDP remains below historical peaks.Currently,development finance in the Global South faces five major challenges:First,insufficient financing scale.Global South countries face an annual investment gap of approximately$4 trillion in sustainable development,and this funding g
5、ap may continue to expand in the future.Second,limited countercyclical adjustment function.Traditional international financial institutions provide insufficient support to Global South countries during economic downturns.Third,high financing costs.The lending rates from the public sector to Global S
6、outh countries rose from 1.46%in 2021 to 4.13%in 2023,while the lending rates from the private sector increased from 3.62%to 5.97%.Fourth,inefficient use of the development finance.Traditional development finance flows more to non-productive sectors and performs poorly in promoting long-term economi
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