Jagdeo urges IMF Head to find innovative ways for climate financing

Guyana’s President, Bharrat Jagdeo, on Friday called on the newly appointed Managing Director of the International Monetary Fund (IMF), Christine Lagarde, to support the fight against climate change by leading a shift away from traditional instruments of overseas development assistance.

Meeting on the sidelines of the World Bank/IMF annual meetings in Washington DC, Jagdeo, according to the Government Information Agency, urged Lagarde to support a shift to a new mindset in thinking about climate finance.

President Bharrat Jagdeo meeting IMF Head Christine Lagarde (GINA photo)

He said that developing countries are losing confidence in existing
institutions, whose prevailing financing instruments are not suited
for addressing the challenges associated with climate change.

GINA said that Jagdeo further emphasised that it would not be difficult to
create the required instruments, and that this could be done without
compromising environmental and social safeguards and fiduciary standards.

According to GINA, President Jagdeo also raised the issue of the high levels of public debt in many Caribbean countries, and urged the IMF head to consider debt relief for middle income countries. Guyana also has significant public debt. GINA said that Jagdeo noted that many of the small island countries in the Caribbean are dependent on few economic sectors, and are highly vulnerable to shocks.

Jagdeo emphasized the key role that debt relief from the IMF played in Guyana’s own history.
Jagdeo was joined at the meeting by Finance Minister Dr Ashni Singh and Central Bank Governor Lawrence Williams.

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