Posted 12/10/2023, 1:59:37 PM
African Leaders Urge Reallocation of IMF Reserves to Boost Climate Financing
- Leaders called on to pledge unused SDRs to help generate climate finance lending for African economies
- In 2021, IMF issued $650B in SDRs to help countries weather pandemic, but Africa got only 5%
- Rich countries have unused SDRs that could be leveraged to raise $20B for Africa climate finance
- COP28 discussions generated momentum for getting countries to pledge surplus SDRs
- Study found World Bank has $190B additional lending capacity to drive development and climate resilience