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.
The V20 Group of Finance Ministers from 58 climate-vulnerable economies today demanded reforms in the global financing architecture as they face mounting economic threats from climate disasters and debt. V20 countries have at least USD435 billion of debt servicing payments due in four years at a time when new investment is severely needed, the Group noted in its V20 Ministerial Dialogue IX Communique.
We need stories of hope and ‘good trouble’ to animate and enliven climate movements around the world, according to policy groups, philanthropists, artists, and activists who gathered yesterday in the Busboys and Poets bookstore and cultural hub to celebrate the publication of the international climate anthology Harvest Moon: Poems and Stories from the Edge of the Climate Crisis (2021).