June 25

Backing Grows for New IMF COVID and Climate Fund

Plans for a new IMF “Resilience and Sustainability” fund that would expand its support to dozens more vulnerable countries gained key international backing on Thursday ahead of crucial meetings.

IMF chief Kristalina Georgieva this month proposed the new trust to allow rich countries to channel some of their new IMF reserves to poor and middle-income counterparts ravaged by COVID or climate change.

“This is something we certainly support” said Lars Jensen, a senior economist on the United Nations Development Programme (UNDP) and the author of a new report on how the IMF’s new funding should be directed.

Photo courtesy of Bill Oxford.

Source: Money Control (link opens in a new window)

Coronavirus, Environment
climate change, poverty alleviation