This event will examine one of the central development finance challenges of the coming decade: how low-income countries (LICs) can simultaneously maintain macro and debt sustainability and invest in growth, at a time of larger and more frequent shocks, sharply reduced aid, higher borrowing costs, and heavy debt service burdens. Adding to the challenge, IMF net flows to LICs are projected to turn negative by the end of decade, as the exceptional COVID-era lending wave starts to come due. This raises questions about how to ensure the Fund's concessional lending frameworks and program design are adequately calibrated for this fundamentally changed environment. The panel will bring together senior policymakers, development finance officials, and independent experts to discuss what this changed environment means for the IMF role in LICs in the context of the broader development finance architecture — including what a more adequate and effective response might look like in terms of finance volumes, policy prescriptions, and program design. The discussion will be framed by new CGD analysis on IMF net financing flows to LICs.