This tweet was posted by @EmmanuelMacron in the immediate aftermath (it finished 20/11 am) of #COP27 in Egypt. And the conference appears to be going ahead.
To speed the process of provding relief to poor countries France 🇫🇷 is now proposing “rechannelling” of unused SDRs.
To speed the process of provding relief to poor countries France 🇫🇷 is now proposing “rechannelling” of unused SDRs.
https://twitter.com/emmanuelmacron/status/1594383702788046848
During Cop27 Climate Economist Professor Stern provided an update on the level of finance which is needed to address global climate mitigation and adaptation needs - an eye watering 4 trillion + dollars a year.
I wasn’t aware till recently how much progress was being made.
I wasn’t aware till recently how much progress was being made.
A couple of weeks ago I attended a German video media event (in english) discussing World Bank Reform. The proposals for which are considered by many to be inadequate. Particularly considered against continued World Bank financing for fossil fuel infrastructure.
On February 15th - The World Bank Chief David Malpass - who notoriously refused to say last year in a live streamed panel event that he believed in human caused climate change - announced he was resigning early. cnn.com/2023/02/15/eco…
In the seminar the active consideration among G7 nations of IMF policy was also discussed. German Analyst Christian Bals said that while the German Bundesbank and Ministry of Finance were not yet ready for IMF SDR reallocation….
… they might be willing to consent to a French proposal for it to “rechannel” some of its “unused” SDRs to foreign currency starved countries in the developing world.
Practically speaking the SDRs are a nation state credit facility- like an overdraft.
Practically speaking the SDRs are a nation state credit facility- like an overdraft.
Discussion of reform of the IMF SDR facility has been widespread in recent years but very little progress had been made as it is difficult.
The “rechannelling” proposal here would probably require France to guarantee finance risk associated with drawdowns of its SDRs.
The “rechannelling” proposal here would probably require France to guarantee finance risk associated with drawdowns of its SDRs.
More background on the Paris Conference on Climate Finance to be held in Paris in June (immediately Following the 2023 Bonn Climate Conference) can be found here. focus2030.org/Summit-for-a-N…
/ends
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