OECD DAC s Contribution to the Financing for Development Agenda

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1 OECD DAC s Contribution to the Financing for Development Agenda Presentation at the International Conference on Development Cooperation Vilnius, Lithuania 22 October 2015 Raundi Halvorson-Quevedo, Statistics and Development Finance Division OECD

2 Outline A changing global development finance landscape Modernising DAC statistics to contribute to the Financing for Development agenda The December 2014 DAC Ministerial decisions Challenges: implementation, inclusiveness and effectiveness

3 What is the OECD? Intergovernmental space for policy exchange and guidance Think tank-cum-international conference centre 34 Member countries, broadening engagement with rest of world 250 Committees/Working Groups/Expert Networks senior officials participate each year Statistics, policy analysis and co-ordination, exchange of good practice, standard-setting, recommendations, international disciplines

4 The DAC and how it works The DAC and its Secretariat work in tandem to: Publish data on development finance and track performance on commitments Monitor and review development co-operation practices to stimulate more and better aid Provide evidence-based analysis and guidance to improve policy Emphasize openness, transparency, inclusiveness, & partnership

5 1 The SDG era: the financial architecture of sources and instruments is more complex Sustainable development as the main objective Other objectives DAC donor agencies (concessional & concessional bilateral finance) Private philanthropy (foundations & NGOs) Non-DAC sovereign providers (e.g. BRICS & MINT countries, other South-South cooperation providers) Export credit institutions Multilateral agencies incl. regional & Arab organisations (concessional & nonconcessional finance, & investments) DFIs (nonconcessional loans & Investments) Private actors/investors (FDI & other private flows at market terms) The blue area illustrates the cross-border transfers to developing countries.

6 1 Sources of external finance beyond ODA are becoming more prominent

7 2. Modernising the DAC statistical measurement system to contribute to the Financing for Development agenda Ultimate goal Maximise resources available for development The DAC statistical system should promote: Transparency & accountability of development finance -- access to statistics is essential for an accountable post-2015 development framework Incentives to increase the volume of resources available for development, to allocate these resources smartly and to enhance their catalytic use Consistent and rigorous International standards for measuring and monitoring development finance

8 2. Why modernise the DAC statistical measurement system? Concessionality: criteria didn t reflect modern financial market conditions, reporting not uniform (budgetary effort) Official support via private sector instruments not recognised Insurance, guarantees and mezzanine finance (not flows) not captured Equity investments penalised (reflows subtracted from ODA) How to fathom an SDG monitoring framework? Do we need a new statistical measure for the SDG era to monitor the FfD strategy and incentivise use of new instruments and new sources of finance?

9 3. Historic decision to modernise the OECD DAC framework: outcomes of the 2014 DAC HLM Main pillars 1. HLM agreements on ODA (concessionality) and ODA modernisation. 2. Valorising private sector instruments. 3. Creating with the international community -- a new broader measure of Total Official support for Sustainable Development (TOSSD) to better capture the array of resources on offer today and the scope of the SDG framework. 4. Better targeting of ODA and other resources.

10 3a) What changes were agreed to the ODA measure? ODA loans will now be measured on a grant equivalent basis e.g. no longer measured by the face value of the loan A better way of assessing the donor budgetary effort in providing resources: improved comparison between loans and grants Key loan concessionality criteria -- discount rates and thresholds will now be differentiated according to country income groupings in measuring the grant equivalent : countries in lower income groupings will receive a greater volume of concessional loans, and on softer terms Thresholds and safeguards to promote debt sustainability Consistent with IMF Debt Limits Policy and World Bank s Nonconcessional Borrowing Policy. A transparent and gradual transition: The new system becomes the standard in 2019 on 2018 expenditures (transition begins in 2016 on 2015 expenditures)

11 From cash flows to grant equivalents

12 A better incentive system for lending to poor countries Maximum interest rates for counting loans as ODA 8% 7% 6% 5% pre ,11% 6,78% 4% 3% 2% 1% Under the new system: maximum interest rates for LDCs and other LICs 2,55% 3,81% 0% Loan maturity

13 3b) Private sector instruments Valorise and incentivise official sector use of instruments with a catalytic effect by: Capturing the budgetary effort associated with using market-like instruments (e.g. equity, guarantees, insurance and other risk mitigation instruments) in ODA. Setting an international standard to measure the mobilisation effect of official interventions and collecting data on amounts mobilised in DAC statistics.

14 3c) Total Official Support for Sustainable Development (TOSSD) and resource inflows Establish a comprehensive and universal measure of support for sustainable development, which captures the diversity of resource flows and helps enhance the understanding about them in order to maximise development impact. Complements and does not replace ODA and covers the totality of resources regardless of instruments/terms. Mirrors the emerging SDG framework including capturing contributions to global public goods (when relevant to development). Distinguishes between official support and resources leveraged by official interventions.

15 Activities qualifying as TOSD ODA flows ODA headline measure TOSSD flows + private amounts mobilised Grants Grants Grants ODA loans disbursements Grant equivalent of ODA loans ODA loans disbursements OOF loan disbursements Private amounts mobilised

16 3 TOSSD and the Third International Conference on Financing for Development TOSSD figures as a main feature of the Addis Ababa Action Agenda (AAAA) under the International Development Co-operation heading (paragraph 55) endorsed by the General Assembly in its resolution 69/313 of 27 July We will hold open, inclusive and transparent discussions on the modernization of the ODA measurement and on the proposed measure of total official support for sustainable development and we affirm that any such measure will not dilute commitments already made.

17 Engaging with stakeholders to develop the TOSSD measure PHASE I PHASE II PHASE III TOSSD Workshop I TBC May TOSSD Workshop II TBC July TOSSD Workshop III TBC Fall FFD Session II 15 April FFD Session III 15 June ADDIS CFfD 13 July UNGA SDGs 25 Sept. COP Nov. DAC HLM TBC Early 2016

18 3d) Improved targeting of ODA: concrete commitments towards countries most in need Reverse the declining ODA trend to LDCs, and improve targeting to countries most in need (LDCs, LICs, SIDS, LLDCs and fragile states) Focused monitoring of members performance individually through DAC peer reviews and also collectively at political level (SLMs) A compendium of additional specific measures towards countries most in need Further analytical work to inform decisionmaking about smart ODA allocations, including monitoring the effectiveness of different channels, instruments and modalities

19 3d Spotlight on ODA to LDCs Distribution of Net ODA disbursements incl. imputed multilateral ODA to LDCs (2013) Number of priority partnerships in LDCs

20 3d Spotlight on ODA to LDCs: DAC Members Performance DAC countries net ODA to LDCs as % of GNI ( ) DAC countries net ODA to LDCs as % of GNI (2013) * Countries with stars have reached the UN ODA target of 0.7% of GNI.

21 4. Challenges: implementation, inclusiveness and effectiveness ODA modernisation: did we get the incentives right for highly concessional funding to where it is most needed? TOSSD framework: is it an appropriate framework for incentivising private finance that contributes to sustainable development? How can we develop an inclusive but effective governance for the post-2015 measurement framework? How to account not just for the quantity, but the quality of aid and other development finance? Should there be a second generation of the Paris Declaration? How do we strengthen evidence to support the link between quantity and results?

22 Thank you! For more information please visit our website at:

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