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We are in the toughest period the world economy has faced since the creation of the multilateral system more than three-quarters of a century ago.

A quadruple shock of COVID-19, climate change, conflict and cost-of-living has undone years of hard-fought development gains. As financial conditions tighten, even countries that had seemed on track to prosperity and stability now stare into the abyss of debt distress, fragility and uncertainty about the future.

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