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12:40 21 Jan 2022

IMF to allocate $50 billion for environment, and Ukraine may receive a share

The International Monetary Fund is setting up a $50 billion fund to lend to low- and middle-income countries to combat climate change.

Bloomberg reported this.

The funds will be available to all low-income and developing countries, as well as countries with average incomes with a GDP per capita of fewer than 12 thousand dollars per year (340 thousand UAH per year – EP).

Thus, about 75% of IMF countries will receive money to counter global warming. The fund is planned to be launched by the end of 2022.

The fund aims to address long-term issues of economic stability, including climate change, pandemic preparedness, and digitalization. Whether each country can access the IMF fund will be determined individually, depending on the debt policy of the countries and their sustainability in carrying out structural changes.

The trust will be funded by richer countries, which direct their reserves to the IMF "poorer" countries. The fund will have to mobilize $50 billion to meet projected demand.

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