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.
International cooperation has never been more needed, but the current system of “aid” is outdated and ineffective. The concept of Global Public Investment (GPI) was developed to make the case that, because of its unique characteristics, concessional international public finance continues to have a critical role in responding to current and future global challenges, but that it has to evolve fit a new context. This is not just about transforming the aid debate: it represents a new paradigm of fiscal policy for the 21st century.
United Nations University – IIGH
Joep Lange Institute
Jindal School of Government and Public Policy
Partners in Health
The GPI approach is our best bet for modernising international public finance for the 21st century.
Internationalist perspectives seem to be losing ground just when the world needs them most. This can be changed, if people put pressure on leaders to choose bold responses based on solidarity. [There is a] a convincing case for GPI based on statutory contributions (rather than patronising “aid” from rich to poor countries) as a necessary element to deal with the challenges we face.
With COVID-19 underlining the inequalities and unsustainability of the current structure of development finance, big new ideas are needed. That is what [GPI] provides.
[The GPI approach] not only provides very practical ideas on how countries could come together to fight immediate global challenges such as the Covid-19 pandemic, but also offers a framework on how to sustainably finance the SDGs. It … should shape global policy and development co-operation in years to come.
The world can no longer be seen as a patchwork of countries, but as a global community working towards common goals. From the objectives to the practices of development cooperation, this book presents the key areas of debate and the types of creative thinking needed in the future. [The GPI approach] is an invitation to the development community to re-imagine itself by questioning some strongly held beliefs about international cooperation. The world has changed from how it was seen at the beginning of this century. This is a must-read for anyone interested in a new international response to global problems.
By boldly thinking outside the box and challenging the conventional wisdom regarding aid, GPI offers an entirely new approach to how we should confront the global challenges of the 21st century. Calling for a sweeping change in the objectives, concepts and practice of development finance, it will garner support from scholars and practitioners alike.
Global social justice is the ultimate global public good. We need GPI to make global social justice happen.