Aid paradigms are rapidly changing. Development finance faces mounting pressures from the aftermath of the COVID-19 pandemic to heightened geopolitical uncertainty. Many donor countries are slashing aid volumes and increasingly aligning aid with national interests. The trend is upending traditional allocation rules and casting doubt on multilateral cooperation. Emerging markets and developing economies (EMDEs) must navigate this uncertain terrain while tighter capital markets and rising debt burdens severely constrain alternative financing options. […]