What would it take for private capital to replace <scp>ODA</scp>?

Abstract The global financial crisis has been exacerbated by a systemic debt crisis in low‐ and lower‐middle‐income countries. The Global Financial Safety Net (GFSN) has a role in resolving the debt crisis. However, improving the capacity of indebted countries to cope with market swings and how to make markets a useful source of finance for long‐term development remains a challenge looking for a solution. In addition to a larger GFSN, it is essential to develop rules that facilitate debt refinancing during outturns.