The Trade and Development Report 2024 is out. The flagship publication of UNCTAD paints a gloomy picture of global development dynamics for the next years to come. The three major engines of the global economy (China, the United States of America and the European Union) are on a decelerating or weakened path and in the southern hemisphere economic growth is slowing down, with exposure to global shocks and the risk of trade fragmentation that are on the rise. The only region that displays a more accelerated growth path is South Asia. The report concludes by forecasting a global growth rate for 2024 and 2025 of less than 3%. What is more worrisome, the report notes, is that this generalized low growth scenario is increasingly intertwining with high interest rates, especially in developing countries. This raises an alarm bell on the sustainability of global financial system, which needs to be urgently realigned to the needs of such nations, especially the most vulnerable ones. More affordable, reliable and longer-term financing options are necessary to unlock investment able to sustain the development agenda of these countries. An appeal is launched to multilateral and regional banks to increase concessional finance through the utilization of innovative financial instruments.