On 14 October 2026, Foreign Secretary Ed Miliband used the World Bank and IMF Annual Meetings in Bangkok to call for what the UK described as a fundamental reset of the global financial system, warning that the current system is failing developing economies. He set out four priorities: tackling unsustainable debt through the multilateral development banks, attracting far more private investment, strengthening resilience and disaster preparedness, and acting faster in countries affected by conflict and instability.

The Foreign Secretary said developing countries face historically high debt-servicing burdens, with debt servicing costs at a 25-year high. He noted that in Sub-Saharan Africa, over three and a half times more is spent on debt servicing than on education. He also said only two percent of finance is pre-arranged despite 35 percent of crises being predictable, and pointed to an El Nino forecast expected to be the strongest in living memory.

According to the release, Miliband said reform reflects both values and UK national interest, and stressed that it should be shaped in partnership with a stronger voice for the Global South. The release also cited a £25 million UK investment that mobilised over £150m of private finance for climate insurance in low-income countries, and British International Investment's announced $1.6 billion (£1.2 billion) of climate finance for South-East Asia over five years. Those figures are as stated on the source publication date.