President Macron hosts a summit in Paris starting Thursday to discuss reform of the world's multilateral finance institutions in the face of climate change and other development challenges.
A key topic of discussion will be suggestions from a group of developing countries, led by Barbados, dubbed the 'Bridgetown Initiative'.U.N. member states should fast-track the transfer of $100 billion in so-called 'Special Drawing Rights', a monetary reserve currency, to programmes that support climate resilience and subsidise lending to low-income countries.
The IMF should encourage the restructuring of unsustainable debt in a way that is consistent across countries, and change the way it analyses the debt to incentivise investments that create future savings, such as those for climate adaptation. They should also expand their support to countries to help them create a pipeline of investable projects, and make greater use of blended finance and other structures where public lenders take on more project risk.The G20 and other shareholders of the World Bank, IMF and development institutions should fully implement the 2022 recommendations of a panel of experts aimed at boosting lending by the multilateral development banks.
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