Govt urges MDBs to suspend debt repayments for climate-hit countries

MG News | November 02, 2023 at 05:07 PM GMT+05:00

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November 02, 2023 (MLN): To support the needs of the climate-affected developing countries, Multilateral Development Banks (MDBs) should temporarily suspend the obligation for affected countries to repay their existing debts, Dr Shamshad Akhtar, Caretaker minister for finance stated while addressing the UNESCAP Committee.

Dr. Shamshad Akhtar chaired the meeting of the UNESCAP Committee on Macroeconomic Policy, Poverty Reduction, and Financing for Development on Wednesday.

During the meeting, she stressed the need for reforms of global financial institutions to address the needs of developing countries, especially those most impacted by climate events.

She further urged the International Monetary Fund (IMF) to restore the enhanced access limits established during the pandemic.

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