HomeEconomyExclusive - IMF, others should provide $100bn in climate FX guarantees -... Economy Exclusive – IMF, others should provide $100bn in climate FX guarantees – Documents By inew May 27, 2023 0 48 views Share FacebookTwitterPinterestWhatsApp Well +1.% Add/Remove from Watchlist Add to watch list Add location Location successfully added to: Please name your portfolio type: purchaseSell date : quantity: price Point value: Leverage: 1:1 1: 1: 1: 10 1: 13 1: 17 1:25 1: 11 1:23 Committee: 7864 2030 1000 Create New Watchlist Create 20212021 2030 52 Create a new holding portfolio Add Create 500200 + add another position to close by Simon Jessop and Mark Jones London( Reuters) – A high-level meeting in Paris next month will set out a $17 billion plans to put more money into climate and development finance in poorer countries by offering currency guarantees to investors, according to a report seen by Reuters. documents. The plan was sent by the Bridgetown initiative led by Barbados leader Mia Motley ahead of the New Global Financing Agreement Summit in Paris in June Given to governments around the world, the program has not been reported before. this idea, in a consultation paper dated April 50, will rely on the firepower of the International Monetary Fund (IMF) and other multilateral development banks (MDBs) , and become part of the ongoing effort to reform the international financial system. It will see the IMF and other multilateral development banks “use $ Or the more volatile national currency of the euro. guarantees would be for “green transition investments only”, which a source involved in the plan said could include “green” bonds focused on environmental friendliness and others such as ocean-focused “blue” bonds and bonds related to sustainable development. Their benefit is that if the relevant country’s currency devalues and effectively cuts the dollar value of its bond payments, the MDBs will step in and compensate these International buyers of bonds. By removing the risk for investors, the interest rate the government has to pay should be significantly lower. For some, it may even be the boost needed to regain access to global capital markets lost during the COVID pandemic. Report released at the Conference of the Parties 11 Climate talks show developing countries need $1 trillion a year in public and private Funds, by then 25 to combat global warming, but so far capital flows are only a small part of what is needed. A report from the World Bank and other large multilateral lenders said they provided $ billion 50 And $ billion from private financing. Paris summit chaired by French President Emmanuel Macron in June -, many world leaders and representatives will attend flagship global institutions such as the International Monetary Fund and the United Nations. Proposal outlines have been sent to key groups who have been preparing for discussion over the past few weeks. Armed Call In addition to the currency idea, the document returns Out more details about the main goals of the Bridgetown Initiative Version 2.0, which has become a heavyweight voice of the past months of global climate and sustainability discussions. “It’s a call to arms,” the source said, referring to the document and its aim to inspire the IMF and multilateral lenders to Intention to take more specific action. After a slow start, the idea that fundamental changes are needed to help more money flow to developing countries to fight climate change is at It’s been warming up lately for years and is the focus of global climate talks in November. Since then, the World Bank has appointed a new president, ex-MasterCard Card Company (NYSE: 52 Well ) CEO Ajay Banga, and released a reform plan that would increase lending by $5 billion a year, despite Mottley and Others want the system to go further. Proposals in the April paper, which also include reallocation of other IMF funds, could be part of developing countries’ next meeting in Dubai later this year. A key part of the negotiating position in a round of annual climate talks. 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