Managing Director of the International Monetary Fund (IMF), Director Kristalina Georgieva will join a roundtable discussion on climate change financing with East African finance ministers and governors of central banks in Kigali, Rwanda on Wednesday.
Georgieva’ visit to Rwanda comes a few weeks after her board approved $319 million in concessional funding to support climate change mitigation policies under its new policy support instrument under its Resilience and Sustainability Trust (RST) making it the first African country to access the funds.
Georgieva had, during a panel discussion in Washington about RST on December 14 underscored the need to support emerging markets and developing countries to transition into low-carbon economies and become climate resilient.
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“It’s all hands on deck for all of us. It is so critical that we help emerging markets and developing countries to transform to low carbon and climate resilient trajectory. Or otherwise, we are all cooked,” Georgieva said during a panel discussion alongside Rwanda’s President Paul Kagame, Barbado’s Mia Amor Mottley, International Finance Corporation Managing Director Makhtar Diop and WTO Director-General Ngozi Okonjo-Iweala.
According to officials, the visit is a recognition of Rwanda’s commitment to strengthening its resilience to climate change. During her trip, Georgieva is also expected to showcase Rwanda as a model for other African countries due to its well-advanced climate strategies.
In a statement released by Rwanda’s Ministry of Finance and Economic Planning, the key objectives for this visit include [to] showcase how the IMF is supporting its members in Africa to build a resilient and inclusive future, with the Rwanda Resilience Sustainability Fund as an example.
The IMF launched RST last year with $20 billion with a target of $40 billion to complement the existing lending toolkit and provide policy support and affordable longer-term financing to low-income and vulnerable middle-income countries to deal with climate change and pandemic preparedness. It also helps to mitigate balance of payments risks.
Story was adapted from The East African.
