Given limited access to international financial markets for some developing countries (and many in Africa), sourcing loans from bilateral and multilateral creditors is the fall-back position.
Securing affordable, long-term development finance in the needed volumes is an ongoing challenge for many developing countries, as financial flows tend to come from external sources and operate in highly volatile circumstances.
Owing to the cost, volatility, and ‘scarcity’ of external financial flows, developing’ countries are hard pressed to find the resources needed to invest in their development needs. Estimates from last year show that only 35 percent of the Sustainable Development Goals (SDGs) targets are on track or making moderate progress – less than five years from the attainment date of 2030.
