DOF, other V20 finance ministers call for global finance reforms to manage debt, climate impacts
WASHINGTON DC, 19 October 2022 – At the recently held annual meetings here of the International Monetary Fund (IMF) and World Bank, the Vulnerable 20 Group of Finance Ministers (V20) called for debt restructuring and other global financing reforms to help them manage the economic threats of both debt and climate change. The Philippines was the founding chair of the V20 in its establishment in 2015.
V20 TO G7, G20: UPGRADE NEAR-TERM EMISSIONS TARGETS, ESTABLISH A FIT-FOR-CLIMATE PROSPERITY GLOBAL FINANCIAL SYSTEM
Washington DC, 21 April 2022 — Finance ministers from the V20 Group of climate vulnerable economies pushed for partnership with the G7 and G20 to improve the global financial system. V20 leaders called on the G7, the G20, and the IMF to act decisively on loss and damage while ensuring the inclusion of vulnerable economies in their decision-making processes. V20 ministers pointed to the InsuResilience Global Partnership as an example of collaboration deserving of replication. Intensifying climate change impacts, consistent with projections from the latest IPCC reports show growing losses and damages due to inadequate adaptation responses and a [...]
IMF urged to create new trust to bolster work on climate resilience
by Andrea Shalal, editing by Aurora Ellis | October 4, 2021 | Published by Reuters | READ THE STORY HERE WASHINGTON, Oct 4 (Reuters) - The International Monetary Fund (IMF) should create a new instrument that lets richer countries channel their newly created IMF reserves to help a broader set of countries tackle the COVID-19 pandemic and climate change, a new task force said Monday. IMF officials have sought for months to rally support for a new Resilience and Sustainability Trust (RST) that its members could use to donate or lend their share of $650 billion in newly issued Special Drawing Rights [...]