Foreword 3

Acknowledgements 4

Abbreviations and acronyms 8

Executive summary 10

1 Overview 12

1.1. The multilateral development system, built for scale and complementarity, is facing multiple

pressures 13

1.2. After years of expansion, funding to the multilateral development system has reached a

turning point 19

1.3. Continued growth in multilateral outflows contrasts with early signs of strain on the UNDS 26

1.4. Stronger together: An agenda to reset the multilateral development system 32

References 35

2 The landscape of multilateral development co-operation 38

2.1. Understanding the multilateral development system and its financial structure 39

2.2. Pressure on multiple fronts means the multilateral development system must adapt to

survive 46

References 56

3 Funding to the multilateral development system 58

3.1. After years of expansion, funding to the multilateral development system has reached a

turning point 59

3.2. What constrained aid budgets mean for the multilateral development system 72

References 81

4 Financing from the multilateral development system 84

4.1. Continued overall growth in multilateral outflows contrasts with early signs of strain in parts

of the system 85

4.2. The coming squeeze raises implications for multilateral outflows 93

References 100