IMF urged to create new trust to bolster work on climate resilience By Reuters – Investing.com
- Date: 04-Oct-2021
- Source: Investing.com
- Sector:Economy
- Country:Middle East
IMF urged to create new trust to bolster work on climate resilience By Reuters – Investing.com
By Andrea Shalal
WASHINGTON (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) https://www.reuters.com/business/exclusive-imf-exploring-creation-new-trust-provide-sdrs-broader-group-countries-2021-06-13 that its members could use to donate or lend their share of $650 billion in newly issued Special Drawing Rights (SDR) to low- and middle-income countries - as an alternative to the Poverty Reduction and Growth Trust, which can be tapped only by the poorest countries.
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