IMF and World Bank Look On Welfare of Poor Countries Amid Big Debts, Environmental Concerns
WORLD BANK – The World Bank and the International Monetary Fund (IMF) are pushing for “green” investments in exchange of national debts.
Currently, more than 200 countries and territories across the globe are fighting against the spread of COVID-19. This coronavirus disease which was reportedly recorded in China first has shaken several healthcare systems across the globe.
Even the World Health Organization (WHO) was alarmed by how fast the virus escalated in the different nations. WHO also warned not let the guards down early to prevent another wave of the disease.
The COVID-19 pandemic is the biggest challenge that a lot of nations are facing now. Amid the pandemic, countries are also suffering economically as caused by the hampered operations of almost everything including businesses.
Many nations applied for a loan to the World Bank and the IMF to cope with the pandemic. However, the debts increased but the fight against the pandemic is long-term. The stuck credits may be another huge problem most especially for the poor nations.
Based on a recent report on ABS-CBN News, the World Bank and the IMF are looking after the welfare of the countries with debts most especially the poor nations. They are pushing for green investment or projects in exchange of these debts.
The two (2) international bodies recently had spring meetings where the discussion about the green investments started. IMF Managing Director Kristalina Georgieva also cited the benefits for the world of the green projects.
“By enlarging the debt burdens of governments — which were already at record levels on the eve of the crisis — it has left them with fewer resources to invest in a recovery that will also put the planet on a more sustainable footing,” the spokeswoman of the AFP expressed.
Based on the report, a technical group was launched to study about the creative options that could be made to assist countries in dealing with the huge financial and health challenges now. The team is composed of representatives from the World Bank, the IMF, the United Nations, and the OECD.
The authorities expressed they will work together and it will be further tackled at the COP26 climate summit that will be held in November at Glasgow, Scotland. The key persons also eye the creation of more job opportunities and ways to help the people and the most-affected nations.
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