Climate Politics
African Union Asks IMF for $650 Billion in Special Drawing Rights For Climate Crisis
- Body wants new special drawing rights to combat climate crisis
- Group wants $500 billion cheap finance from multilateral banks
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The African Union proposed that the International Monetary Fund consider issuing $650 billion in special drawing rights to combat the climate crisis.
The 55-member group also demanded that at least $100 billion in existing SDRs be channeled to Africa through institutions such as the African Development Bank, with a group of donors to be established by the time the COP28 climate summit starts on Nov. 30. Multilateral development banks should be recapitalized to provide at least $500 billion in concessional finance a year, it said.