Rockefeller Foundation proposes reset to shift developing countries from debt to growth | Report

The Rockefeller Foundation on October 7, 2026 released From Debt to Growth: A Proposal for a Growth and Investment Reset, a policy proposal aimed at addressing the financing crisis affecting developing countries, according to a press release issued from New York. The proposed reset would surge affordable, long-term IMF and World Bank financing to about 40 low- and lower-middle-income countries with sustainable debt and ambitious growth agendas. At the same time, it would work with bilateral creditors to ensure that the financing supports growth rather than debt repayment. The proposal seeks to seize a narrow window to act before developing countries fall into debt distress. It offers a growth-focused path designed for limited donor cost.

The plan would give countries committed to a country-led growth and investment agenda the support and time needed to build the macro foundations for private investment and self-sufficiency. It recalibrates ambition from stabilization to sustained growth. The proposal frames this as a grand bargain among key stakeholders. It complements, rather than replaces, debt restructuring reform for the few countries that need it. The approach is tailored for low donor cost.

Under the proposal, the IMF and World Bank would deliver a surge of new, long-term, affordable, coordinated financing tied to a medium-term investment plan. Bilateral creditors would commit to avoid net withdrawals during the program and extend maturities as needed, in exchange for IFI support that improves their odds of repayment. About $80 billion in principal from these countries is due to G20 members through 2030. Private creditors would receive multilateral development bank guarantees to refinance unsustainably expensive loans, paired with stronger debt transparency and pause clauses. Together, these elements form the architecture of the reset.

Christina Segal-Knowles, Managing Director for International Policy at The Rockefeller Foundation, framed the urgency of the moment.

“Developing countries are facing an unprecedented crisis of fiscal space and affordable financing. If left unaddressed, the costs will be immense — in terms of growth, human lives, and the eventual debt restructurings that will be required,” she said. “To solve this, we don’t need a debt initiative; we need a growth initiative.” She added that “The Reset seizes a narrow window to offer countries the support they need to return to growth and sustainability before they fall into debt distress.”

The proposal urges the G20, under the United Kingdom’s presidency, to build consensus and support around a solution that countries want to join. It calls for an approach that does not rely on major new donor funding. It also seeks terms acceptable to all key stakeholders. The full proposal has been made publicly available by The Rockefeller Foundation. It positions the reset as a timely intervention before debt distress deepens.