The International Monetary Fund is exploring the creation of a trust that could allow its members to lend the fund's reserves to more countries, including middle-income nations vulnerable to climate change.
The Group of Seven high-income countries gave the fund the "green light" to keep working on the plan, IMF managing director Kristalina Georgieva said after the end of the G7 summit in Cornwall, England.
The IMF will continue to work on the “Resilience and Sustainability Trust” – which will help countries to combat climate change or improve healthcare systems – before the July meeting of G20 finance officials.
“Now we have the indication that we have a green light to go ahead, and we will reach out to others,” said Ms Georgieva.
“China has expressed interest to participate, and I would expect there could be other emerging market economies with sound fundamentals and strong reserve positions that may also do the same.”
G7 leaders said on Sunday that they welcomed an expansion of the lender’s emergency reserves, or special drawing rights, by $650 billion and backed plans to give $100bn to the most vulnerable nations.
However, they called on other countries to also participate.
The fund's Poverty Reduction and Growth Trust already allows members to share their IMF reserves.
However, small island states and other middle-income countries that have been hit hard by the Covid-19 pandemic and significant economic downturns are not eligible for funding through that IMF vehicle.
Ms Georgieva welcomed the G7’s commitment to donate one billion Covid-19 vaccine doses as an important step towards ending the pandemic and said discussions would continue within the G20.
The fund has urged rich countries to act amid warnings of a big divergence in the recovery of advanced and developing economies that could undercut demand and disrupt supply chains, which would also affect countries that are recovering at a faster pace.
“This is a moral imperative and an economic necessity,” said Ms Georgieva.
Allowing the gap between rich and poor countries to continue to widen could also trigger unrest.
“We have seen in the past that divergence that leads to more inequality, it creates a breeding ground for more instability in the world,” she said.
Ms Georgieva plans to work with the fund's members in the coming months on how they could reallocate some of their special drawing rights or use budget loans to reach – or even exceed – the $100bn goal.
Countries could also use budget loans and other means to raise the money, she said, noting this was done successfully in the first year of the pandemic when the fund sought donations for its Poverty Reduction and Growth Trust.
The IMF expects its board to formally approve the $650bn special drawing rights allocation in August, paving the way for member countries to donate their unneeded reserves to others in need.
The previously unreported new trust could help broaden the effort and make funds available to more countries, and for broader initiatives, in line with global goals for combating climate change.
Eric LeCompte, an adviser to the UN and executive director of Jubilee USA Network, said the fund’s work on the new trust marked “significant progress” for many middle-income countries also hit hard by the pandemic.
“It means that more countries with needs can get aid and resources to get through the pandemic,” he said.
Super Bowl LIII schedule
What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
THE SPECS
Engine: 2.0-litre four-cylinder turbo
Transmission: eight-speed automatic
Power: 258hp at 5,000-6,500rpm
Torque: 400Nm from 1,550-4,400rpm
Fuel economy, combined: 6.4L/100km
Price, base: from D215,000 (Dh230,000 as tested)
On sale: now
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
More from Rashmee Roshan Lall
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
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