{"id":3747,"date":"2024-04-17T14:59:17","date_gmt":"2024-04-17T14:59:17","guid":{"rendered":"https:\/\/sotnews.agency\/?p=3747"},"modified":"2024-04-17T15:06:40","modified_gmt":"2024-04-17T15:06:40","slug":"reform-imfs-special-drawing-rights-to-target-most-needed-countries-osei-asare-spring-meeting-in-washington","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=3747","title":{"rendered":"Reform IMF\u2019s Special Drawing Rights to target most needed countries \u2013 Osei Asare @Spring Meeting in Washington"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>3 Minute, 35 Second <\/div>\n\n <\/div>\n

The Minister of State at the Finance Ministry, Abena Osei Asare has called for a comprehensive reform of the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) to ensure that they are channeled to countries who need them most.<\/strong><\/p>\n

She argued that the SDR needs to be reformed to make it more targeted at countries in pressing need of it.<\/p>\n

Special drawing rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund.<\/p>\n

Making an intervention at a Roundtable Discussion on IMF Reformsat the ongoing Spring Meeting in Washington, she said \u201ca reform of the SDR system is sorely needed so we can effectively transform static foreign reserve assets into high-impact development finance. We cannot afford to continue with a system where SDRs are not directed to countries that require them the most in times of crisis.\u201d<\/p>\n

World Bank, IMF Spring Meeting: Finance Minister tells V20 countries that opportunities for innovation abound<\/a><\/p>\n\n

At the ongoing meeting,\u00a0 the Finance Minister Dr Mohammed Amin Adam called on the Vulnerable Twenty (V20) countries not to lose sight of the unparalleled opportunities for innovation, resilience, and collective action, despite unprecedented climate challenges being experienced globally.<\/span><\/p>\n

He said this during the V20 \u2018s meeting at the ongoing Word Bank International Monetary Fund (IMF) spring meetings in Wahsington.<\/p>\n

The Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable\u00a0 Forum is a group dedicated to cooperation and initiatives of economies vulnerable to climate change.<\/p>\n

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IMF\/WORLD BANK SPRING MEETINGS<\/p>\n

CHAIR OF THE\u00a0@V20GROUP<\/a>\u00a0, DR MOHAMMED AMIN ADAM HAS SAID THAT V20 COUNTRIES SHOULD NOT LOSE SIGHT OF THE UNPARCELLED OPPORTUNITIES FOR INNOVATION, RESILIENCE & COLLECTIVE ACTION, DESPITE UNPRECEDENTED CLIMATE CHALLENGES BEING EXPERIENCED GLOBALLY.\u00a0PIC.TWITTER.COM\/LC1TR7GKC3<\/a><\/p>\n

\u2014 OFFICE OF THE FINANCE MINISTER-GHANA (@OOFMGHANA)\u00a0APRIL 17, 2024<\/a><\/p>\n

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Mr Ken Ofori-Atta on Tuesday\u00a0delivered the closing address for the 12th Ministerial Dialogue.<\/span><\/p>\n

He made the presentation in his capacity as\u00a0Former V20 Chair and currently Senior Presidential Advisor on Finance and Ghana\u2019s Special Envoy on International Investment and Capital Markets.<\/span><\/p>\n

The Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable Forum is\u00a0a dedicated cooperation initiative of economies systemically vulnerable to climate change.<\/p>\n

The \u2018V20Finance Ministers\u2019 in a post on their X platform said \u201cFormer V20 Chair H.E. Ken Ofori-Atta, who is now serving in the capacity of Senior Presidential Advisor on Finance and is Ghana\u2019s Special Envoy on International Investment and Capital Markets, delivers the closing address for the Ministerial Dialogue.\u00a0<\/span>#IMFMeetings\u201d<\/a><\/span><\/p>\n

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The V20 Finance Ministers emphasized the need for a fairer global financial system and proposed several measures to transform the international financial architecture.<\/p>\n

Portions of their Communiqu\u00e9 said \u201cWe, the Ministers and Senior Representatives of the V20 Finance Ministers of the Climate Vulnerable Forum (CVF) from Africa, Asia, the Caribbean, Latin America, the Middle East, and the Pacific, met in Washington, D.C. United States of America on 16 April 2024, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group to discuss, agree, and deploy national, regional, and global strategies to unlock growth and prosperity through innovations in climate finance and debt.<\/p>\n

\u201cAs of this year, the CVF-V20 is an intergovernmental group headquartered in the Africa Trade House, Accra, Ghana. The membership spans 68 economies, representing a population of 1.74 billion people, contributing to 6.55 percent (equivalent to USD3.8 trillion) of global Gross Domestic Product (GDP). Despite V20 economies representing 21.5 percent of the global population, the V20 accounts for around four (4) percent of global greenhouse gas (GHG) emissions.<\/p>\n

\u201cWe reiterate that the widening adaptation finance gap underscores the urgency of immediate action in light of substantial and increasing climate-induced losses. The\u00a0Climate Vulnerable Economies Loss Report\u00a0estimated that V20 economies have lost approximately USD525 billion over the last 20 years (2000-2019) due to the impact of climate change on temperature and precipitation patterns. In other words, the V20 economies and their people would have been 20 percent wealthier today if not for climate change.\u201d<\/p>\n

Chair of the\u00a0<\/span>@V20Group<\/a>\u00a0\u00a0, Dr Mohammed Amin Adam has said that V20 countries should not lose sight of the unparcelled opportunities for innovation, resilience & collective action, despite unprecedented climate challenges being experienced globally.<\/span><\/p>\n\n

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The Minister of State at the Finance Ministry, Abena Osei Asare has called for a comprehensive reform of the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) to… <\/p>\n","protected":false},"author":1,"featured_media":3783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-3747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/3747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3747"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/3747\/revisions"}],"predecessor-version":[{"id":3785,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/3747\/revisions\/3785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/3783"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}