Ed Miliband Calls for New Deal for Developing Nations
UK Foreign Secretary Ed Miliband urged the IMF and World Bank to overhaul the global financial system to support debt-burdened developing countries.
Foreign Secretary Ed Miliband called for a new deal for developing countries struggling with debt during the International Monetary Fund and World Bank annual meetings in Bangkok. Miliband argued that the current global financial system is failing emerging economies regarding debt, resilience, and climate, stating that this failure is against both UK values and national interests.
To address these issues, Miliband urged the World Bank and other multilateral development banks to leverage their balance sheets to provide refinancing with longer repayment horizons and better rates. He specifically demanded an overhaul of the common framework for debt restructuring to stop private creditors from delaying negotiations and called for crisis finance to be available in days rather than months.
Chancellor John Healey is also in Bangkok to set G20 priorities, focusing on mobilizing resources from the IMF and World Bank. These efforts come as the Government of the United Kingdom prepares to assume the G20 presidency next year and seeks to restore its international reputation on development.
