International Monetary Fund (IMF) and World Bank officials are joining dozens of economic leaders for a two-day summit in Paris, aiming to tackle the interlinked challenges of poverty alleviation and climate change.
The summit has also brought focus on the IMF and World Bank’s own climate change policies, amid calls for multilateral development banks (MDBs) to do more to help developing economies access funds to both adapt to climate change and deal with its consequences.
The stalled plan, which some European countries resisted, was for wealthier countries to lend these foreign exchange reserve assets to the IMF, which could in turn lend them to developing economies.
Ahead of the summit, France and Japan announced that they would redeploy 30 percent of their SDRs for this purpose.
Media reports suggest that the Paris summit could yield a breakthrough in pledges from other countries, which would help hit the $100 billion target.
