The International Monetary Fund (IMF) director, Kristalina Georgieva, considered it vital to increase the resources of the agency’s quotas before the end of the year and urged the members of the G20 bloc to fulfill a promise to raise $100 billion annually in climate funds.
In a statement made at the end of this weekend’s summit in New Delhi, the IMF director pledged to address debt vulnerabilities in low- and middle-income countries “effectively, comprehensively, and systematically,” although he did not offer a new action plan.
“The members of the G20 must lead by example when it comes to fulfilling the promises to allocate $100 billion a year to financing the fight against climate change, with the support of strengthening multilateral development banks,” Georgieva said in a statement at the end of the two-day summit.
“Countries also need to mobilize domestic resources to finance and manage the ecological transition through fiscal reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets,” she added.
The International Monetary Fund (IMF) director urged strengthening the global financial safety net.
“In order for the global economy to be stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the resources of the IMF quotas before the end of the year,” Georgieva said.
