Rich countries should be able to channel newly created reserves to help other countries tackle the issue
Washington — The 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 on Monday.a new Resilience and Sustainability Trust
The Task Force on Climate, Development and the IMF, launched on Monday, urged support for the new trust, saying the global lender’s actions are vital to helping countries better address the rising toll of climate change. “Sustained rechanneling of new SDR issuances into [the RST] could form an essential part of the climate and development finance landscape in emerging market and developing countries, said the experts, who hail from institutions such as the Boston University Global Development Policy Center, the African Economic Research Consortium, and Peking University.
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