World Bank, IMF to Consider Climate Change in Debt Reduction Talks
3 years, 10 months ago

World Bank, IMF to Consider Climate Change in Debt Reduction Talks

News 18  

The World Bank is working with the International Monetary Fund on ways to factor climate change into the negotiations about reducing the debt burdens of some poor countries, World Bank President David Malpass told Reuters in a Friday interview. Malpass said the Bank and the IMF were studying how to twin two global problems – the need to reduce or restructure the heavy debt burden of many poorer countries, and the need to reduce fossil fuel emissions that contribute to climate change. ”There’s a way to put together … the need for debt reduction with the need for climate action by countries around the world, including the poorer countries,” he said, adding that initial efforts could happen under the G20 common framework. Factoring climate change into the debt restructuring process could help motivate sovereign lenders and even private creditors to write off a certain percentage of the debt of heavily-indebted poorer countries, in exchange for progress toward their sustainable development and climate goals, experts say.

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History of this topic

IMF, World Bank leaders pledge to work with Trump, support developing nations on climate change
1 month, 1 week ago

IMF, World Bank leaders pledge to work with Trump, support developing nations on climate change

Firstpost  

The election of Trump, who is expected to pull the United States back from global efforts to fight climate change, has raised questions about the ability of the IMF and the World Bank – where the US is the largest shareholder – to ramp up funding for countries around climate-related issues. Image- Reuters The heads of the World Bank and …

What will become of the World Bank if Trump triumphs, asks ALEX BRUMMER
2 months ago

What will become of the World Bank if Trump triumphs, asks ALEX BRUMMER

Daily Mail  

THE capacious headquarters of the World Bank and International Monetary Fund are separated from the White House by just a couple of city blocks. Support: Treasury Secretary Janet Yellen lavished praise on Ajay Banga's stewardship of the World Bank - but how useful would that prove under a Trump presidency? So it was a rare moment to see Treasury Secretary …

IMF reform reality: The US and China must cooperate, willy-nilly
5 months ago

IMF reform reality: The US and China must cooperate, willy-nilly

Live Mint  

In July 1944, exactly 80 years ago, representatives of 44 countries met in an obscure New Hampshire village to negotiate the Bretton Woods Agreement that established the International Monetary Fund. In terms of its surveillance of countries’ policies, the IMF needs to address its perceived lack of even-handedness; whereas emerging and developing countries are held to demanding standards, high-income countries …

Financial stability challenges need to be discussed, IMF MD echoes RBI governor
6 months, 2 weeks ago

Financial stability challenges need to be discussed, IMF MD echoes RBI governor

Hindustan Times  

Echoing the sentiment expressed by Reserve Bank of India Governor Shaktikanta Das, Kristalina Georgieva, Managing Director, International Monetary Fund, underscored the need to discuss the financial stability challenges in a separate discussion in Washington D.C. Kristalina Georgieva, managing director of the International Monetary Fund. She underscored the challenges posed to the financial sector due to the introduction of new technologies …

Sobering assessment: On the IMF forecast, World Bank report
8 months ago

Sobering assessment: On the IMF forecast, World Bank report

The Hindu  

The global economy has avoided the spectre of a debilitating recession, with the IMF last week raising its forecast for worldwide aggregate growth in 2024 to 3.2%, from the 2.9% it had projected in October. The IMF has underlined the fact that the global economy has, with surprising resilience, ridden out several adverse shocks as well as ‘significant central bank …

Debt, fiscal challenges facing low-income countries worry IMF
8 months ago

Debt, fiscal challenges facing low-income countries worry IMF

The Hindu  

Shareholders of the International Monetary Fund agreed on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on April 19. Impact of high debt levels on low-income countries Ms. Georgieva, in a meeting of the Global Sovereign Debt Roundtable hosted by the IMF and the World …

IMF chief urges attention to war-ravaged Yemen, Sudan
8 months ago

IMF chief urges attention to war-ravaged Yemen, Sudan

Hindustan Times  

International Monetary Fund chief Kristalina Georgieva on Thursday drew attention to the suffering in Yemen and Sudan, both plagued by civil wars and often overshadowed by the plight of other countries. IMF chief urges attention to war-ravaged Yemen, Sudan "When we have these highly visible wars like the one in Ukraine, like the one in Gaza. "Countries have taken to …

Pakistan, IMF reach staff-level deal to release $1.1bn from bailout package
9 months ago

Pakistan, IMF reach staff-level deal to release $1.1bn from bailout package

Al Jazeera  

The funds are the final tranche of a $3bn programme agreed upon last year to avert a default, as Islamabad seeks another long-term bailout. “The IMF team has reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan’s stabilisation programme,” the IMF said in a statement on Wednesday. The IMF said Pakistan’s “economic and …

Raise domestic financing to fund climate action projects: IMF’s Georgieva
1 year ago

Raise domestic financing to fund climate action projects: IMF’s Georgieva

Live Mint  

New Delhi: Developing economies need to do more domestically to raise financing and deepen domestic capital markets to participate and invest in climate action, said International Monetary Fund managing director Kristalina Georgieva in an interview held during the climate summit in Dubai. As part of the plan, the IMF will start a new programme with the World Bank on tax, …

ECONOMIC PERSPECTIVES | How IMF and World Bank need a redesign, not just reform
1 year, 2 months ago

ECONOMIC PERSPECTIVES | How IMF and World Bank need a redesign, not just reform

The Hindu  

Published : Oct 19, 2023 11:00 IST - 6 MINS READ The 2023 Annual Meetings of the World Bank and the International Monetary Fund at Marrakech in Morocco were to be game changing. These included: the restructuring of IMF quotas, which decide voting heft, to reflect the changed economic strength of countries in an evolving world order; a substantial increase …

Sitharaman pitches for strong, quota-based and adequately resourced IMF
1 year, 2 months ago

Sitharaman pitches for strong, quota-based and adequately resourced IMF

The Hindu  

Finance Minister Nirmala Sitharaman on Saturday made a case for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net and climate action. Participating in a breakfast meeting of the IMF Board of Governors on the theme of 'Dialogue on Policy Challenges' in Marrakesh, Morocco, Ms. Sitharaman expressed concerns with regard to slowdown in …

IMF and World Bank are urged to boost funding for African nations facing conflict and climate change
1 year, 2 months ago

IMF and World Bank are urged to boost funding for African nations facing conflict and climate change

Associated Press  

ABUJA, Nigeria — Many poor countries in Africa face the harshest effects of climate change: severe droughts, vicious heat and dry land, but also unpredictable rain and devastating flooding. During a panel in Marrakech this week, IMF economist Daniel Lee said the organization is “mainstreaming climate change in policy advice, capacity development and lending.” He did not detail the size …

Biden borrowing binge driving ‘unsustainable’ rise in global debts, warns IMF
1 year, 2 months ago

Biden borrowing binge driving ‘unsustainable’ rise in global debts, warns IMF

The Telegraph  

Janet Yellen, the US Treasury Secretary, has insisted that interest payments on the country’s mammoth borrowing pile remain sustainable. However, the US Congressional Budget Office warned this summer that rising US debt posed “significant risks to fiscal and economic outlook” and could also “cause lawmakers to feel more constrained in their policy choices”. The IMF said politicians around the world …

IMF and World Bank pledge Africa focus at first meetings on the continent in 50 years
1 year, 2 months ago

IMF and World Bank pledge Africa focus at first meetings on the continent in 50 years

Associated Press  

MARRAKECH, Morocco — In the shadow of a deadly earthquake in Morocco that caused nearly $12 billion in damage, the world’s most powerful economic policymakers said they would focus on Africa as they work to grow and stabilizing the global economy during times of war, inequality and climate change. Though the policies often intend to prevent countries from defaulting, keeping …

IMF, World Bank hold first meetings in Africa in 50 years
1 year, 2 months ago

IMF, World Bank hold first meetings in Africa in 50 years

The Hindu  

The IMF and World Bank began talks in Morocco Monday in their first annual meetings on African soil in 50 years, under pressure to reform to better aid poor nations blighted by debt and climate change. The International Monetary Fund and World Bank traditionally hold their annual gathering of finance ministers and central bank governors outside their Washington headquarters every …

Finding funds for climate action risks ending up as a pipe dream
1 year, 2 months ago

Finding funds for climate action risks ending up as a pipe dream

Live Mint  

Low-income countries are in the throes of a liquidity crunch that is not only undermining their economic development but also deepening the global climate crisis. To overcome this dilemma, the African Union’s Nairobi Declaration on Climate Change proposes that countries be allowed to reschedule debts coming due to create fiscal space for ‘green growth’ policies and reforms, financed by MDBs. …

U.S. Treasury Secretary Yellen says she will press for IMF, World Bank resources at G-20 summit
1 year, 3 months ago

U.S. Treasury Secretary Yellen says she will press for IMF, World Bank resources at G-20 summit

The Hindu  

U.S. Treasury Secretary Janet Yellen said on September 8 she will work at the G-20 summit in India to build support to increase lending resources for the International Monetary Fund and the World Bank to help member countries deal with multiple global challenges, including new IMF quota resources. Ms. Yellen said in prepared remarks at a news conference in New …

G20: On climate, debt and digital, Bank and Fund pledge to work together
1 year, 3 months ago

G20: On climate, debt and digital, Bank and Fund pledge to work together

Hindustan Times  

In the run-up to the G20 Leaders’ Summit in New Delhi this weekend, where the reform and strengthening of multilateral development banks is among the top agenda items, the International Monetary Fund and World Bank have warned that the world faces major challenges and shocks and pledged to work together to deliver on climate, debt and digitisation in a structured …

Yellen is attending talks in Paris on debt relief for low-income nations
1 year, 6 months ago

Yellen is attending talks in Paris on debt relief for low-income nations

NPR  

Yellen is attending talks in Paris on debt relief for low-income nations NPR's A Martínez talks to Treasury Secretary Janet Yellen who says she wants the World Bank to help — especially help for those countries dealing with climate change disasters. A MARTÍNEZ, HOST: U.S. Treasury Secretary Janet Yellen is in Paris this week, meeting with world leaders to try …

Pakistan PM hopeful of IMF deal this month amid escalating crisis
1 year, 6 months ago

Pakistan PM hopeful of IMF deal this month amid escalating crisis

Al Jazeera  

Shehbaz Sharif’s statement comes as Pakistan seeks immediate release of $1.1bn from IMF, part of a $6.5bn bailout package the country signed up for in 2019. Sharif, who also spoke to IMF chief Kristalina Georgieva last month to revive the programme, told Anadolu that Pakistan has met the requirements the global lender asked for. “Some of those actions are usually …

Timely debt restructuring crucial for Sri Lanka, says IMF
1 year, 7 months ago

Timely debt restructuring crucial for Sri Lanka, says IMF

The Hindu  

Sri Lanka is showing “tentative signs of improvement”, the International Monetary Fund has said, while urging the island nation to reach timely restructuring agreements with its creditors, before the Fund’s first scheduled review in September this year. An IMF mission conducted a staff visit to Sri Lanka From May 11 to 23, to review the implementation of the Fund’s programme …

IMF board approves $3 billion bailout for Ghana amid economic crisis
1 year, 7 months ago

IMF board approves $3 billion bailout for Ghana amid economic crisis

Associated Press  

LONDON — The International Monetary Fund’s executive board has approved a long-awaited $3 billion bailout for Ghana in hopes of combating the country’s economic crisis. “The combination of large external shocks and preexisting fiscal and debt vulnerabilities precipitated a deep economic and financial crisis in Ghana,” IMF Managing Director Kristalina Georgieva said in a statement. Georgieva said the Bank of …

ECONOMIC PERSPECTIVES | No concrete outcomes at IMF and World Bank Spring Meetings
1 year, 7 months ago

ECONOMIC PERSPECTIVES | No concrete outcomes at IMF and World Bank Spring Meetings

The Hindu  

Published : May 04, 2023 11:00 IST - 11 MINS READ Ministers, central bankers, officials, and civil society activists returning home from Washington after the Spring Meetings of the World Bank and the International Monetary Fund held in April 2023 were not clear what the outcomes of the meetings, however minor, were. The IMF’s record, thus far, has been marked …

Want to fix the climate? End debt traps
1 year, 7 months ago

Want to fix the climate? End debt traps

Al Jazeera  

Extortionate debt forces nations to pursue climate-unfriendly policies in the hope of repaying loans. Even though many have paid back their original loan amounts, a combination of rising interest rates, successive currency devaluations, fluctuating global commodity prices and the destructive impacts of climate change have kept the debt repayment finish line perpetually out of reach. These “conditionalities” and the power …

ECONOMIC PERSPECTIVES | World Bank-IMF plans to resolve global economic crises a road map to limbo
1 year, 8 months ago

ECONOMIC PERSPECTIVES | World Bank-IMF plans to resolve global economic crises a road map to limbo

The Hindu  

Published : Apr 20, 2023 11:00 IST - 9 MINS READ In the run-up to the annual Spring Meetings of the World Bank and the IMF in the second week of April, there was much talk that the two organisations were on the cusp of change. Confronted by the realisation that they are not up to the tasks set by …

Slow start on World Bank reform angers climate-hit countries
1 year, 8 months ago

Slow start on World Bank reform angers climate-hit countries

Associated Press  

WASHINGTON — The World Bank meetings were supposed to be a first step in a new era of affordable loans for developing nations hard hit by climate change like Prime Minister Mia Mottley’s Barbados, one of many Caribbean islands battered by worsening hurricanes. “I get really furious,” Mottley said, when hearing “that people are not ready, or people want to …

Debt crisis key priority of India’s G20 presidency, says FM in US
1 year, 8 months ago

Debt crisis key priority of India’s G20 presidency, says FM in US

Hindustan Times  

Washington: Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union finance minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along …

Pakistan needs urgent foreign loans to avoid debt crisis, World Bank warns
1 year, 8 months ago

Pakistan needs urgent foreign loans to avoid debt crisis, World Bank warns

Hindustan Times  

The World Bank has said that various economic shocks have resulted in nearly four million Pakistanis getting pushed into poverty this fiscal year, The Express Tribune reported. The World Bank also called on Pakistan to immediately arrange for new foreign loans to avoid a "public debt crisis." The World Bank called on Pakistan to immediately arrange for new foreign loans …

IMF chief warns of a gloomy growth scenario
1 year, 8 months ago

IMF chief warns of a gloomy growth scenario

Hindustan Times  

Delivering a gloomy warning ahead of the spring meetings of the International Monetary Fund and World Bank, \, IMF’s managing director, said on Thursday that global growth dropped by half in 2022 and it will hover around 3% for the next five years, the lowest medium-term growth forecast since 1990. International Monetary Fund Managing Director Kristalina Georgieva poses for a …

IMF chief warns of a gloomy growth scenario
1 year, 8 months ago

IMF chief warns of a gloomy growth scenario

Hindustan Times  

Delivering a gloomy warning ahead of the spring meetings of the International Monetary Fund and World Bank, \, IMF’s managing director, said on Thursday that global growth dropped by half in 2022 and it will hover around 3% for the next five years, the lowest medium-term growth forecast since 1990. International Monetary Fund Managing Director Kristalina Georgieva poses for a …

China must show it can play by world debt-revamp rules: IMF
1 year, 8 months ago

China must show it can play by world debt-revamp rules: IMF

Hindustan Times  

China, the biggest bilateral creditor to developing countries, needs to show it can operate within established international debt-relief processes for poor nations struggling to pay, the chief of the International Monetary Fund said. “China has been very slow to recognize that multilateral debt restructuring requires China to play by the rules that are already established,” Managing Director Kristalina Georgieva said …

IMF head expects less than 3% global economic growth in 2023
1 year, 8 months ago

IMF head expects less than 3% global economic growth in 2023

Associated Press  

WASHINGTON — The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally. Kristalina Georgieva said the period of slower economic activity will be prolonged, with the next five years of growth remaining around 3%, calling it “our lowest …

Risk of hunger, poverty higher due to slow economic growth: IMF
1 year, 8 months ago

Risk of hunger, poverty higher due to slow economic growth: IMF

Al Jazeera  

IMF head said persistently high interest rates, a series of bank failures in the US and Europe, and deepening geopolitical divisions are threatening global financial stability. Kristalina Georgieva said on Thursday that growth is expected to remain about 3 percent for the next five years, calling it “our lowest medium-term growth forecast since 1990”, adding that it would be a …

Global growth slowing to below 3% due to Ukraine war: IMF chief
1 year, 8 months ago

Global growth slowing to below 3% due to Ukraine war: IMF chief

Hindustan Times  

International Monetary Fund chief Kristalina Georgieva warned on Sunday that risks to financial stability had increased and stressed "the need for vigilance" following the recent turmoil in the banking sector. Speaking at a forum in Beijing, the IMF managing director said she expected 2023 "to be another challenging year", with global growth slowing to below 3.0 percent due the war …

Debt load may pose threat to nations: PM
1 year, 10 months ago

Debt load may pose threat to nations: PM

Live Mint  

Prime Minister Narendra Modi cautioned on Friday that unsustainable debt levels posed a threat to the financial stability of nations and called upon G20 finance ministers and central bank governors to work towards restoring stability, confidence, and growth to the global economy. International Monetary Fund managing director Kristalina Georgieva said on Thursday that the IMF, World Bank and India’s G20 …

Amid Pakistan crisis, IMF says China must change its debt policy
1 year, 10 months ago

Amid Pakistan crisis, IMF says China must change its debt policy

Live Mint  

International Monetary Fund Managing Director Kristalina Georgieva, in an interview with CBS's 60 Minutes on February 5, stated that China's finance minister and Central bank governor would participate in a roundtable with other creditors and other borrowing countries in February in India. About a quarter of China's GDP comes from the real estate sector, which has slowed the country's economic …

‘Beyond imagination’: Pakistan PM warns of IMF bailout conditions
1 year, 10 months ago

‘Beyond imagination’: Pakistan PM warns of IMF bailout conditions

Al Jazeera  

An IMF delegation is in Pakistan for last ditch talks to revive financial aid, which has stalled for months. Pakistan’s Prime Minister Shehbaz Sharif has said that the government will have to agree to International Monetary Fund bailout conditions that are “beyond imagination”. Sharif’s comments on Friday came after an IMF delegation landed in Pakistan this week for last-ditch talks …

IMF upgrades outlook for the global economy in 2023
1 year, 10 months ago

IMF upgrades outlook for the global economy in 2023

Associated Press  

WASHINGTON — The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia’s ongoing war against Ukraine. The IMF said China’s “recent reopening has paved the way for a faster-than-expected recovery.’’ The IMF now expects China’s economy — …

Backing Sri Lanka, India sends financing assurances to IMF
1 year, 11 months ago

Backing Sri Lanka, India sends financing assurances to IMF

The Hindu  

India sent financing assurances to the International Monetary Fund on Monday, becoming the first of Sri Lanka’s creditors to officially back the crisis-hit island nation’s debt restructuring programme. This takes Sri Lanka one step closer to getting a crucial $2.9-billion package from the IMF, made contingent on “receiving financing assurances from Sri Lanka’s official creditors and making a good faith …

IMF agrees to Ghana $3bn debt bailout
2 years ago

IMF agrees to Ghana $3bn debt bailout

Al Jazeera  

IMF board approval of the proposed three-year loan is expected early next year, the finance minister said. IMF board approval of the proposed three-year loan is expected “early next year”, Ofori-Atta said. Stephane Roudet, IMF’s mission chief to Ghana, said in a statement on Monday: “The Ghanaian authorities have committed to a wide-ranging economic reform programme, which builds on the …

Tackling climate change will require reforming the World Bank and IMF – here are two options
2 years ago

Tackling climate change will require reforming the World Bank and IMF – here are two options

The Quint  

Tackling climate change will require reforming the World Bank and IMF – here are two options Prime Minister of Barbados, Mia Mottley, a UN climate summit. Her plan, known as the Bridgetown initiative, would mobilise more than US$1 trillion from the World Bank among other development lenders and US$500 million from the IMF. The right climate for investment The World …

IMF cuts 2023 global outlook over colliding global shocks
2 years, 2 months ago

IMF cuts 2023 global outlook over colliding global shocks

Al Jazeera  

The three largest economies will ‘continue to stall’, ‘the worst is yet to come’ and for many people 2023 will feel like a recession, it warned. “In short, the worst is yet to come, and for many people, 2023 will feel like a recession.” In its World Economic Outlook the IMF said global GDP growth next year will slow to …

IMF warns of higher recession risk and darker global outlook
2 years, 2 months ago

IMF warns of higher recession risk and darker global outlook

The Hindu  

Two principal economists painted very different pictures on Thursday of what the global economy will look like in the coming years. “The risks of recession are rising,” she said, calling the current economic environment a “period of historic fragility.” Meanwhile, U.S. Treasury Secretary Janet Yellen, on the other side of town at the Center for Global Development, focused on how …

IMF warns of higher recession risk and darker global outlook
2 years, 2 months ago

IMF warns of higher recession risk and darker global outlook

Associated Press  

WASHINGTON — Two principal economists painted very different pictures Thursday of what the global economy will look like in the coming years. “The risks of recession are rising,” she said, calling the current economic environment a “period of historic fragility.” Meanwhile, U.S. Treasury Secretary Janet Yellen, on the other side of town at the Center for Global Development, focused on …

IMF warns UK its budget cuts will ‘likely increase inequality’
2 years, 2 months ago

IMF warns UK its budget cuts will ‘likely increase inequality’

Al Jazeera  

The IMF urged UK to consider providing more targeted support to families and businesses instead of sizable tax cuts. The International Monetary Fund has taken aim at new British financial plans that have roiled markets, warning that “large and untargeted fiscal packages” would likely increase inequality in the United Kingdom and could undermine monetary policy. In its first comments on …

IMF says Sri Lanka deal sees progress
2 years, 5 months ago

IMF says Sri Lanka deal sees progress

Al Jazeera  

The IMF has said Sri Lanka needs to whittle down existing debt to ‘sustainable’ levels before it can receive any aid. Staff-level agreement must precede final approval by the IMF’s executive board, but so too must cooperation from Sri Lanka’s creditors, which is not expected to come quickly. “Because public debt is assessed as unsustainable, Executive Board approval would require …

IMF steering committee forgoes communique due to Russian objections
2 years, 8 months ago

IMF steering committee forgoes communique due to Russian objections

The Hindu  

Russia's refusal to agree to strong language condemning its war in Ukraine prevented the steering committee of the International Monetary Fund from issuing a formal communique on April 21, the panel's chair said. "Unfortunately, due to one member country breaking away we didn't have the unanimity so as to have the communique," Spanish Finance Minister Nadia Calvino, who heads the …

IMF, World Bank chiefs warn of debt squeeze in poor nations
2 years, 8 months ago

IMF, World Bank chiefs warn of debt squeeze in poor nations

Associated Press  

WASHINGTON — The heads of the International Monetary Fund and the World Bank warned Wednesday that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices. There is “a huge buildup of debt, especially in the poorest countries,’' World Bank President David Malpass said in a press conference. “As interest rates …

IMF says Sri Lanka needs to be on a sustainable debt path
2 years, 8 months ago

IMF says Sri Lanka needs to be on a sustainable debt path

Al Jazeera  

IMF says Sri Lanka’s debt is unsustainable and it needs to restore debt sustainability before it can get any funds. The International Monetary Fund said discussions with Sri Lanka on a potential IMF loan program are at an early stage and any deal would require “adequate assurances” that the island country’s debts can be put on a sustainable path. “An …

‘Headed for disaster’: Argentinians protest against IMF debt deal
3 years ago

‘Headed for disaster’: Argentinians protest against IMF debt deal

Al Jazeera  

Thousands gathered in Buenos Aires to protest against government’s bid to renegotiate its debts to the IMF. The protesters thronged Buenos Aires’s Plaza de Mayo on Saturday, carrying placards that read “No to a deal with the IMF” as colourful banners of the country’s largest social and left-wing organizations rippled under the beating sun and anti-IMF slogans roared on the …

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