The UK has called for a fundamental reset of the global financial system, warning that the current system is failing developing economies and hindering shared global prosperity. Foreign Secretary Ed Miliband made the call today, 14 October 2026, at the World Bank and IMF Annual Meetings in Bangkok.
Mr Miliband, attending as the UK’s Governor to the World Bank, argued for action on developing countries’ debt, to unlock private investment, and to help nations withstand climate, economic, and security shocks. These shocks are expected to be intensified by a forecast El Nino, anticipated to be the strongest in living memory.
The Foreign Secretary outlined four priorities for reform: addressing unsustainable debt through multilateral development banks, increasing private investment flows, strengthening focus on resilience and preparedness, and improving approaches in countries affected by conflict and instability. He stated that reform is a matter of both values and national interest, supporting prosperity and protecting UK security.
Debt servicing costs are currently at a 25-year high. In Sub-Saharan Africa, spending on debt servicing is over three and a half times greater than on education. The UK will place these priorities at the core of its engagement with international financial institutions.