IMF approves first batch of climate resilience loans
Published on 15/03/2023, 5:18pm
Five countries had loan packages approved under the IMF’s first sustainability fund, but concerns remain about whether it will boost resilience for the most vulnerable nations
By Isabella Kaminski
Jamaica is the latest country to get IMF board approval for loans under the Resilience and Sustainability Trust (RST), following the acceptance of Costa Rica, Barbados, Rwanda and Bangladesh in the last six months.
The multi-million-dollar finance packages vary for each country, from $183 million for Barbados to $1.4 billion for Bangladesh, and recipients have different ideas of how they will spend the money.
The RST fund, set up last year, was aimed at redistributing affordable finance from rich to poorer countries, along with policy support to manage macro-economic climate risks. The IMF believes it can also catalyse essential private sector financing to boost climate action and to decarbonise financial markets.
https://www.climatechangenews.com/2023/03/15/imf-approves-first-batch-of-climate-resilience-loans/
