Currently, many frontier markets are seeking aid relief to deal with COVID-19. Donor countries are turning inwards to deal with their domestic borders. No complete fault of one actor but trillions of dollars in development/ ‘institutional strengthening’ have not prepared many countries to deal with a pandemic. Health care infrastructure is weak. Access to food and water is becoming bleak for many. Physical distancing and ‘Stay at Home’ measures very much impossible for many urban dwellers who live close to each other, not to mention in substandard conditions.
We failed to prepare, and we were unable to develop resilient countries. We now can see that throwing money and cookie-cutter templates of fiscal and monetary policies have not gotten us far — yes, there are some success stories but not enough.
The focus needs to shift to locally-sourced solutions for local problems. With global attention. We need to develop ecosystems of solutions and push globally to see them in reality.
We need a quantum leap to new development finance frameworks that mobilize all stakeholders. Meaning private capital AND civil society engagement. Not “more of the same” or “good enough” solution.
