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IMF Executive Board Approves US$3.3 Billion Resilience and Sustainability Facility for Bangladesh
Source: International Monetary Fund (IMF)
Date: 30 Jan 2023
The IMF’s Executive Board has approved a 42-month Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangement of SDR 2.5 billion, equivalent to about US$3.3 billion, along with an additional SDR 1 billion (about US$1.4 billion) under the Rapid Financing Instrument (RSF) to support Bangladesh’s economic policies. This support comes as Bangladesh faces economic challenges due to Russia’s war in Ukraine, causing a current account deficit, currency depreciation, and declining reserves. The program aims to maintain macroeconomic stability, protect vulnerable populations, and address long-term issues like climate change. Bangladesh will focus on structural reforms, climate investment, and fiscal efficiency to achieve sustainable, inclusive growth. The RSF will enhance climate resilience and attract additional financing for climate initiatives. The IMF acknowledges Bangladesh’s progress in poverty reduction and living standards but emphasizes the need for reforms to ensure resilience and sustainable growth.
India needs global finance to achieve climate goals
Source: The Hindu
Date: 31 Jan 2023
For India to meet its international “obligations” on curtailing greenhouse gas emissions, it must have access to “on-time” climate finance, technology, and access to critical minerals. Advanced economies ought to set examples of policy and “behavioural changes” that work in their countries and only then could they be emulated in developing countries, the Economic Survey said on Tuesday in a dedicated chapter on climate change.
The 5 calls-to-action from youth and young people at Davos 2023
Source: World Economic Forum
Date: 26 Jan 2023
Young people called for climate financing and philanthropic partnerships to support youth-led initiatives and initiatives in the Global South, led by groups who are disproportionately affected by extreme weather, food insecurity, loss of livelihoods and extreme heat resulting from climate change.
