Many countries have been hit hard by the shocks of recent years, especially low-income countries grappling with multiple challenges—including rapid inflation, food insecurity, costly borrowing, and mounting debt. When these countries needed to formulate policy responses, their external and fiscal space was already running low after the pandemic. Now, they are faced with a funding squeeze, with aid and access to private finance drying up, that is delaying the recovery and undermining future growth prospects. This threatens to reverse a decades-long trend of steadily converging living standards. This seminar will discuss how countries can overcome the funding squeeze and build a more resilient future growth path and, in particular, explore the role the international community can play with well-coordinated policy advice, capacity building, and financial support. The discussion will also highlight the IMF’s engagement with these countries under its Poverty Reduction and Growth Trust, and how IMF concessional financing plays a key role in helping these countries cushion the impact on growth from ongoing shocks and future crises.