Malpass, who came under fire last month for declining to say whether he accepts the scientific consensus on global warming, said officials at the bank were working hard to free up more funds to address climate problems facing so many developing countries.
The IMF chief last week said the global lender would downgrade its forecast for 2.9% global growth in 2023 when it releases its World Economic Outlook on Tuesday, citing the shocks caused by the COVID-19 pandemic, Russia’s invasion of Ukraine and climate disasters on all continents.
On Monday, she noted that economic activity is slowing down in all three major economies - Europe, which has been hit hard by high natural gas prices, China, where housing volatility and COVID-19 disruptions are dragging down growth, and the United States, where interest rate hikes “are starting to bite.”
Slowing growth in advanced economies, rising interest rates, climate risks and continuing high food and energy prices are hitting developing countries particularly hard, both leaders said, calling for concerted action to help emerging markets.
Fiscal measures should be “well targeted” to ensure they did not add more “fuel to the flames of inflation.”
Georgieva said the world needed a staggering $3 to $6 trillion to address climate change and it was essential to increase collaboration with the private sector and leverage funds “on scale” to help meet the needs.
Source: www.reuters.com
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