CAMBRIDGE Low-income countries are in the throes of a liquidity crunch that is not only undermining their economic development but also deepening the global climate crisis. In 2020 and 2021, net financial transfers to Africa were close to zero their lowest level in a decade despite record transfers from multilateral development banks (MDBs). That drop-off was due to a reduction in loans from the private sector and China, and now the situation has deteriorated further, with all low- and lower-middle-income countries (LMICs) having lost access to the bond market. Meanwhile, higher food and fuel bills, and falling export receipts, have made matters even worse.
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