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The International Monetary Fund (IMF) says it has met its target of reallocating the sum of $100 billion to tackle climate change and poverty in developing countries.
This was disclosed on Thursday by the head of the IMF, Kristalina Georgieva, at a summit on climate financing in Paris.
Kristalina said, “We met the target, we do have the 100 billion.”
The IMF had earlier ahead of the climate financing summit needed $40 billion to meet the target.
The plan was first announced in 2019 urging wealthier countries to recycle $100 billion in IMF Special Drawing Rights (SDRs) for vulnerable countries.
SDRs are foreign exchange reserve assets awarded to countries based on how much they contribute to the IMF.
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The idea, which some European countries resisted, was for wealthier countries to lend these foreign exchange reserves assets to the IMF, which could in turn lend them to developing economies.
Ahead of the summit, France and Japan announced that they would redeploy 30 percent of their SDRs for this purpose.
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