The multilateral system channels a growing share of official development assistance (ODA), reflecting its increasing significance in an era of overlapping crises and development challenges. However, as the system is pressed to address an expanding array of humanitarian and development issues, its limitations are becoming apparent, prompting a strong push for reforms to enhance its capacity. This fourth edition of the Multilateral Development Finance report sheds light on the aid flows directed to and from the multilateral development system and assesses the impact of ongoing reforms. Highlighting the need to manage the risky trade-offs introduced by recent evolutions, such as the growing reliance on financial innovation, the report proposes solutions to make the system fit for the future. This edition is enriched with online data visualisations showing how members of the OECD Development Assistance Committee (DAC) use the multilateral system.