Poor countries hit by climate disaster should not be forced to struggle with crippling debt payments, the head of the International Monetary Fund has urged before a global summit on climate finance.
Kristalina Georgieva, managing director of the IMF, said providing debt relief to countries suffering from extreme weather was a matter of urgency. Extreme weather is hitting harder around the world, and countries already facing debt mountains cannot afford to service their debts, particularly at a time of high interest rates.
Timely debt relief is essential, she said. Im proud to say the fund has not been negligent on this issue. When countries are hit by climate shocks, we provide funding to cover its obligations [on debt repayments].
She call…
Read the full article at: https://www.theguardian.com/environment/2023/jun/20/climate-crisis-hit-poor-countries-should-have-debt-relief-says-imf-chief