African finance ministers urge wealthy countries to honor their pledges to fund the Resilience and Sustainability Trust created by the International Monetary Fund.
is struggling with the triple shock of rising debt burdens, an ongoing food crisis, and climate change fallout and needs more help from international institutions and wealthy nations to cope, African finance ministers said on Saturday, April 15.
The continent, meanwhile, was already struggling with extreme weather events, including drought, flooding, and cyclones, aggravated by climate change. “Even if the IMF, the World Bank, and our regional institutions have put in place emergency funds, these funds don’t really seem sufficient to respond to this.”last year to help channel excess IMF Special Drawing Rights reserves from wealthier countries to poor and vulnerable middle-income nations.
Rwanda, Barbados, Costa Rica, Bangladesh, and Jamaica have already reached agreements for loan programs from the facility, and 44 others have expressed interest.
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