Alberto Fernandez requested the use of the International Monetary Fund’s Special Drawing Rights to create an anti-poverty fund

In this sense, he celebrated that CAF had been proposed “as a horizon for the Green Bank, committed to increased financing for policies that help address climate change”.

“Argentina will support CAF so that it can carry out this mission, expand the horizon of its capital, promote the interests of new partners and keep pace with the process of multi-directional dialogues,” he said.

The dialogue with the national development banks, the private sector, academia and civil society, with countries outside the region, will be “This could include their authority to take advantage of the organization’s credit operations,” he said.

He noted that “from Argentina we have a conviction: there is no climate crisis except for the financial and social crisis,” adding that this is “clear in Latin America,” and I argue that according to data from the Economic Commission for Latin America and the Caribbean, “regional exports are destined to pay debt services.” external”.

He acknowledged that “this urgent need to bolster climate ambition goes hand in hand with a realignment of the global financial architecture.”

This rearrangement should “allow for a new, inclusive and sustainable global contract,” Fernandez said.

“The growth of the world today cannot be measured by the same scale as the industrial age,” Argentinian created.

He also asked the fight against climate change that regional development organizations commit “to allocate at least 50% of their loan portfolio to environmental actions.”

Along the same lines, he reiterated his initiative to conduct debt swaps for climate action, which is “the key to getting out of the current crisis,” he said.

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“It is necessary to implement the issuance of the International Monetary Fund’s Special Drawing Rights to create a fund for resilience, sustainability and the fight against poverty, which means more flexible financing terms within the IMF,” he said.

The President emphasized that this fund would “allow the financing of a large environmental safety compact that includes low- and middle-income countries, and that it extends debt repayment terms and implements lower rates under current conditions…a feature of health and environmental pressures” that we have not seen before.

“It is imperative that debt relief and debt service suspension initiatives extend to middle-income countries with a high climate and financial vulnerability,” he continued.

He pointed out that “in the G-20 we must deepen the debate about the new minimum global tax that favors emerging economies on time and contributes to the de-concentration of wealth and greater environmental justice”, as a current challenge for a “better future”.

The President participates in the 25th Annual Conference of CAF – Latin American Development Bank

Freddie Dawson

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