Washington, D.C. – As many as 44 countries have expressed interest in borrowing funds from the Resilience and Sustainability Trust program worth USD 40 billion. Previously, five countries had agreed to take part in the program, namely Rwanda, Barbados, Costa Rica, Bangladesh and Jamaica.
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva revealed this at the Bretton Woods Committee event as cited by Reuters, at the start of the spring meetings of the IMF and World Bank, mid-April. She said the “healthy queue” of countries was a cue to scale up the resilience facility resources.
“So US$40 billion is not a solution on its own, but it is a contribution to a solution, if it helps remove barriers for massively scaling investment, especially private investment, in emerging markets and developing economies,” Georgieva said.
The Resilience and Sustainability Trust loan program fund was set up last year to help funnel excess IMF Special Drawing Rights reserves from rich countries to middle-income countries, to provide long-term financing for tackling climate change and the transition to clean energy. (Hartatik/nsh)
