Net Finance Flows to Developing Countries

Analysis by The ONE Campaign shows that global net financial transfers to developing countries have fallen to their lowest level since the Global Financial Crisis. This means that debt service repayments to official and private lenders have surpassed external inflows to governments (including new lending and official development assistance).

• Net financial transfers to developing countries have fallen from their peak of US$225 billion in 2014 to US$51 billion in 2022 (the most recent year for which data is available).
• New projections from ONE show that flows will fall by over US$100 billion in the next two years. That means US$50 billion will flow out of developing countries in 2024.
• Upper-middle-income countries maintained negative net flows for the second consecutive year in 2022.
• More than one in five emerging markets and developing countries paid more to service their debt in 2022 than they received in external financing. This could rise to more than one in three by 2025.
• Aid donors are celebrating new statistics showing record global aid numbers. Yet they spent nearly one in five of their aid dollars at home, and aid to Africa has flatlined.