NEW DELHI
\nIt is vital to increase quota resources for the International Monetary Fund (IMF) before year-end, its chief, Kristalina Georgieva, said on Sunday, while urging members of the G20 bloc to deliver on a promise of $100 billion a year in climate funds.
\nIn a declaration at its summit in New Delhi this weekend, the grouping vowed to tackle debt vulnerabilities in low and middle-income countries \u201cin an effective, comprehensive and systematic manner\u201d, but offered no fresh plan of action. \u201cG20 members must lead by example in delivering on the promises of $100 billion per year for climate finance, supported by strengthening the multilateral development banks,\u201d Georgieva said in a statement at the end of the two-day summit.
\n\u201cCountries 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.\u201d
\nShe urged the grouping to strengthen the global financial safety net.
\n\u201cTo 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\u2019s quota resources before the end of the year,\u201d she said.
\nSuch a pact would secure resources needed for the Fund\u2019s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust, she added.
\nThe G20 summit also pledged to strengthen and reform multilateral development banks, while accepting a proposal to regulate cryptocurrencies more tightly worldwide.
\n\u201cMore work lies ahead, including in the realm of digital money and crypto assets,\u201d Georgieva said.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI It is vital to increase quota resources for the International Monetary Fund (IMF) before year-end, its chief, Kristalina Georgieva, said on Sunday, while urging members of the G20 bloc to deliver on a promise of $100 billion a year in climate funds. In a declaration at its summit in New Delhi this weekend, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-355090","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-world"},"yoast_head":"\n