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IMF urges G20 members to boost its resource quota, strengthen world economy
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IMF urges G20 members to boost its resource quota, strengthen world economy

FP Staff • September 10, 2023, 16:27:30 IST
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The G20 summit also pledged to strengthen and reform multilateral development banks, while accepting a proposal to regulate cryptocurrencies more tightly worldwide.

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IMF urges G20 members to boost its resource quota, strengthen world economy

Kristalina Georgieva, chief of the International Monetary Fund (IMF), emphasised the urgency of increasing resources allocated to the global financial body before the end of this year. Georgieva also called on G20 member countries to fulfil their commitment to provide $100 billion annually in climate funds. During its summit in New Delhi over the weekend, the G20 issued a declaration pledging to address the debt vulnerabilities faced by low and middle-income nations “in a thorough, comprehensive, and systematic manner.” However, they did not introduce any new action plans. In a concluding statement after the two-day summit, Georgieva asserted, “G20 members must set the example by delivering on their promises of $100 billion per year for climate financing, and this should be reinforced by strengthening the multilateral development banks.” “Countries also need to mobilise domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets.” She urged the grouping to strengthen the global financial safety net. “To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF’s quota resources before the end of the year,” she said. Such a pact would secure resources needed for the Fund’s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust, she added. The G20 summit also pledged to strengthen and reform multilateral development banks, while accepting a proposal to regulate cryptocurrencies more tightly worldwide. “More work lies ahead, including in the realm of digital money and crypto assets,” Georgieva said.

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