IMF, World Bank to discuss global plans for climate change financing at Paris Summit

New Delhi, June 22 (KNN) France is set to host the Summit for A New Global Financing Pact from June 22-23 in Paris where officials from International Monetary Fund (IMF) and World Bank along with economic leaders will aim to tackle problems related to poverty alleviation and climate change.

The meetings, hosted by French President Emmanuel Macron will give an opportunity to refocus the global financial architecture to better address the vast scale of financing needed to meet the world's climate targets by the end of the decade.

The summit has also brought focus on the IMF and World Bank's own climate change policies.

This comes at a time when multilateral development banks (MDBs) are expected to do more to help developing economies access funds to both adapt to climate change and deal with its consequences.

Both the IMF and World Bank have introduced policies in recent years to help countries deal with the climate transition.

This event will be an opportunity to address key issues: reform of multilateral development banks, debt crisis, innovative financing and international taxes, special drawing rights (SDRs).  (KNN Bureau)