The IMF has already secured $40 billion for its new sustainability fund

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LONDON/NEW YORK (Reuters) – The International Monetary Fund has received $40 billion (37.37 billion euros) in pledges for its new “Resilience and Sustainability Trust Fund”, the director said on Friday. of the IMF, Kristalina Georgieva, which is close to the target set last month.

Building resilience to the effects of climate change will cost billions of dollars over the next decade, she said in a pre-recorded speech played at the Ibrahim Forum on Governance, an Africa-focused conference. This new fund should notably make it possible to meet the challenges linked to climate change

According to the latest report of the Intergovernmental Panel on Climate Change (IPCC), published in April, climate investments, which amounted to some 640 billion dollars in 2020, must be multiplied by six to prevent global temperatures from rising more than 1.5 degrees Celsius above pre-industrial levels.

The IMF launched this new financing facility for low- and middle-income countries in April, with the aim of raising at least $45 billion.

Its chief financial officer had said he was expected to receive “a substantial fraction” of the total before starting to operate the new fund ahead of IMF and World Bank meetings in October.

Kristalina Georgieva told the conference that many African countries are facing droughts which, together with rising fuel and fertilizer prices, are increasing food and political insecurity on the continent.

“African countries cannot face these overlapping crises alone – climate, food, pandemic,” she added, noting that IMF lending to African countries last year was 13 times higher. to the annual average.

(Report Rachel Savage and Rodrigo Campos; French version Augustin Turpin, edited by Sophie Louet)

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