What is the ‘Bridgetown Initiative’ asking for at Paris financial summit?

President Macron hosts a summit in Paris this week to discuss reform of the world’s multilateral finance institutions in the face of climate change and other development challenges. | Reuters

U.N. member states should fast-track the transfer of $100 billion in so-called ‘Special Drawing Rights’, a monetary reserve currency, to programs that support climate resilience and subsidize 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 incentivize investments that create future savings, such as those for climate adaptation. Connected to that, 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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

inquirerdotnet /  🏆 3. in PH

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Macron gathers global leaders seeking elusive deal on lending | Viktoria Dendrinou / BloombergWorld leaders are gathering in Paris this week as French President Emmanuel Macron seeks to build support for an overhaul of the global lending architecture. Macron’s Summit for a New Global Financing Pact aims to change the way that multilateral institutions work to better support poor nations and address threats…
Read more »

‘Emily in Paris’ S4 update: Lily Collins teases a Roman holidayIs it still "Emily in Paris" or Emily in Rome? Lily Collins shared the Netflix romcom series will feature exciting twists and turns for its upcoming fourth season.  
Read more »

Paris air show takes off with historic plane orderAirbus announced a record 500-plane deal with Indian airline IndiGo on day one of the Paris Airshow on Monday, as strong demand for jets and air defenses vied for attention with the industry’s supply chain problems. | Reuters
Read more »

Pharrell Williams takes over Paris for fashion debutPARIS—Some of the most historic parts of Paris are being cordoned off on Tuesday, June 20, for the first catwalk show by US superstar Pharrell Williams in his new role as artistic director for
Read more »

Herbosa: Transfer of PhilHealth to the Office of the President a management issueHealth Secretary Ted Herbosa said the proposed transfer of the Philippine Health Insurance Corporation supervision to the Office of the President will make things more efficient in the government health insurer.
Read more »

[ANALYSIS] Hype around China is out. Vanilla diplomacy is in.'Beyond balancing, President Marcos needs a smart approach.'
Read more »