The World Bank Group and the International Monetary Fund (IMF) began their spring meetings in the United States capital on Monday to discuss “uncertainties and risks weighing heavily” on the global economy.
The April 10-16 sessions at the IMF and World Bank headquarters will also address the effects of climate change, which is endangering lives and livelihoods worldwide.
On Monday, the World Bank Group and the International Monetary Fund (IMF) began their spring meetings in Washington, D.C., to review “uncertainties and risks weighing heavily” on the global economy.
The sessions at the IMF and World Bank offices on April 10-16 will also address the effects of climate change, which is affecting lives and livelihoods around the world.
The poor and most vulnerable were hit by “stubborn inflation, the cost-of-living crisis, and slower growth effects,” according to an official statement outlining the concerns that will be tackled at these talks.
“Record-high debt is stifling developing countries, and the effects of climate change are endangering lives and livelihoods around the world,” the statement continued. Experts asked the World Bank and the IMF to adopt a comprehensive plan to solve the developing world’s problems.
According to a picture on the UN Foundation’s website, last year’s floods in Pakistan caused widespread devastation, prompting international financial institutions to create a new mechanism to “help communities on the receiving end of (climate change) catastrophes.” “Many lives were lost, and millions lost their homes, with one-third of the country submerged,” the caption under the picture stated.
A World Bank report, released soon after the floods, noted that “Pakistan urgently needs significant investments in climate resilience to secure its economy and reduce poverty.”