The World Bank Group and International Monetary Fund (IMF) are meeting in the US capital starting on Monday to discuss the “uncertainties and risks weighing heavily” on the world economy and climate change. The discussions, which take place at the IMF and World Bank’s headquarters from April 10 to 16, will be centred on how climate change is putting lives and livelihoods in peril all around the world.
International central bank governors and finance ministers will attend the conferences to reaffirm their connections with other financial authorities; some may also meet privately with US Treasury and State Department representatives. Instead of Finance Minister Ishaq Dar, Pakistan would be represented at the meetings by the secretaries of finance and economic affairs as well as the governor of the State Bank.
The impoverished and most vulnerable people are suffering as a result of “stubborn inflation, the cost of living crisis, and slower growth effects,” according to an official statement listing the topics to be covered during the sessions. The statement also emphasized how developing nations’ progress is being hampered by record-high debt levels and how climate change’s effects are endangering people’s lives and way of life all across the world. The World Bank and the IMF are being urged by experts, according to Dawn, to devise a comprehensive strategy to solve the problems that developing countries are facing.
The massive destruction brought on by Pakistan’s floods last year is depicted in an image on the UN Foundation website, which prompted financial institutions from around the world to create a new system to help communities affected by (climate change) disasters. One-third of the country was under water, and the caption for the image stressed that “many lives were lost, and millions lost their homes.
In order to protect its economy and eradicate poverty, Pakistan urgently needs significant investment in climate resilience, according to a World Bank research that was published immediately after the floods.