Sunday, January 29, 2023
Village Voice News
ADVERTISEMENT
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
Village Voice News
No Result
View All Result
Home World

IMF managing director announces operationalisation of the RST to help vulnerable countries meet long-term challenges

Admin by Admin
October 15, 2022
in World
Managing Director International Monetary Fund (IMF) Kristalina Georgieva

Managing Director International Monetary Fund (IMF) Kristalina Georgieva

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Support Village Voice News With a Donation of Your Choice.

By IMF Communications Department

WASHINGTON, USA – Kristalina Georgieva, managing director of the International Monetary Fund (IMF) made the following statement Wednesday:

READ ALSO

97-year-old Irmgard Furchner found guilty of complicity in 10,500 Nazi murders

Islamic police raid ‘gay wedding’ in Nigeria’s Kano city

“I am delighted to announce that the new Resilience and Sustainability Trust (RST) has become operational. Today, I notified the executive board that with our fundraising to date, the RST is ready to start lending operations. We promised, and we delivered. For that, I am immensely grateful to our members for coming together and showing solidarity in times of unprecedented challenges.

In less than three years, the world has lived through shock, after shock, aftershock. First, the COVID pandemic. Then Russia’s invasion of Ukraine and the ensuing cost-of-living crisis. And there is no pause button on the climate crisis while we deal with these other crises.

Advertisement

As the IMF’s first ever facility to provide long-term affordable financing, the RST aims to support countries build resilience to structural challenges such as climate change and pandemics to help maintain longer-term economic and financial stability, while catalyzing other public and private financing.

With the strong support of our members, we have achieved the ambitious goal that was set by the IMFC and the G-20 to make the RST operational around the time of the 2022 IMF/World Bank Annual Meetings. This means that the executive board can start approving members’ requests for Resilience and Sustainability Facility (RSF) arrangements, and I look forward to the initial set of requests to be discussed at the executive board in the coming months.

The IMF’s executive board approved the establishment of the RST in April 2022 to serve as a third pillar of the IMF’s lending toolkit, in addition to the General Resources Account (GRA) and the Poverty Reduction and Growth Trust (PRGT), and provides financing with a 20-year maturity and a 10½‑year grace period. It will support eligible low and middle-income countries – comprising about three-quarters of the IMF’s membership. The RST will amplify the impact of the US$650 billion SDR allocation implemented last year by channeling resources from economically stronger members to countries where the needs are greatest.

My immense gratitude goes to Australia, Canada, China, Germany, Japan, and Spain for providing the first round of resource contributions amounting to a total of SDR 15.3 billion (US$ 20 billion).

This first round of RST resources represents just over half of the total of current RST pledges of SDR 29 billion (US$ 37 billion) from 13 countries. Further contributions are expected to become effective in early 2023 once countries have completed their domestic procedures, ensuring the RST is in a strong position to meet demand for RSF arrangements in the coming years. Additional countries are expected to pledge over time, and we will continue our fundraising efforts to broaden the pool of contributors and ensure that the RST has sufficient resources.

On the demand side, I am encouraged to see the strong interest from countries to access financing from the RST. We are already in advanced discussions with a diverse group of countries in their climate policy actions. The IMF is building experience with this new instrument through this initial phase, and lessons from these cases will benefit the broader group of eligible countries in the future.

We are also preparing the ground for RST lending to support policies for pandemic preparedness, through good cooperation with other international institutions.”

For more details, please use the following links:

  • IMF Resilience and Sustainability Trust
  • Resilience and Sustainability Trust FAQs (imf.org)

The Resilience and Sustainability Facility (RSF) (imf.org)



Support Village Voice News With a Donation of Your Choice



ShareTweetSendShareSend

Related Posts

The court ordered that pictures of Irmgard Furchner from the trial should be blurred
World

97-year-old Irmgard Furchner found guilty of complicity in 10,500 Nazi murders

by Admin
December 20, 2022

By Paul Kirby & Robert Greenall- A former secretary who worked for the commander of a Nazi concentration camp has been...

Read more
World

Islamic police raid ‘gay wedding’ in Nigeria’s Kano city

by Admin
December 20, 2022

By Mansur Abubakar (BBC News) - The Islamic police force in northern Nigeria's main city has arrested 19 Muslims, accusing them...

Read more
World

WORD OF THE DAY: EPITOME

by Admin
December 19, 2022

WORD OF THE DAY: EPITOME noun ih-PIT-uh-mee What It Means Epitome means “a typical or ideal example,” and is a synonym...

Read more
Next Post
Spice, Skillibeng

Opposition Leader Says Spice, Skillibeng Are The “Worst Of Dancehall Music”

EDITOR'S PICK

Teen who died after taking vaccine suffered blood clot to the brain-autopsy

October 6, 2021

2021 CPL to be held in St Kitts and Nevis

April 28, 2021
GHK Lall

OP-ED | What is Greenidge doing to himself?

November 17, 2021

This is why we are where we are: economics over welfare of citizens

May 30, 2021

© 2022 Village Voice | Developed by Ink Creative Agency

No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us

© 2022 Village Voice | Developed by Ink Creative Agency