{
  "title": "Managing Director's Remarks at the Global Center on Adaptation's Africa Adaptation Summit",
  "publication": "IMF News, September 5, 2022",
  "sourceUrl": "https://www.imf.org/en/news/articles/2022/09/06/sp090522-md-gca-africa-adaptation-summit-remarks",
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  "summary": "We are now experiencing a cost-of-living crisis. A war in Europe — Russia’s invasion of Ukraine — has had an impact, fast and far.",
  "publishDate": "2022-09-05",
  "sections": [
    {
      "heading": "Context and shocks",
      "content": "- \"We are now experiencing a cost-of-living crisis.\"\n- A war in Europe — \"Russia’s invasion of Ukraine\" — \"has had an impact, fast and far.\"\n- \"The climate crisis has hit hard in many places this year.\"\n- Two lessons drawn from the context:\n  - \"We are living in a more shock-prone world, and we must be mindful that unexpected events can disrupt our plans.\"\n  - \"Global cooperation is fragile and that the risk of fragmentation is serious.\"\n- Social and economic consequences:\n  - \"People are tired of the pandemic, and now they are being hit with inflation.\"\n  - \"In many countries, fiscal space is gone, and the debt situation for 25 percent of emerging markets is no longer sustainable.\"\n  - \"Among poorer countries, over 60 percent are in or at risk of debt distress.\""
    },
    {
      "heading": "Expanding the concept of resilience",
      "content": "- Argument: \"We can no longer think of our economies as relatively simple mechanisms which function so long as there is a strong banking sector and financial stability.\"\n- Resilience must be comprehensive and include:\n  - Resilient people: \"educated, ... healthy, and have the security of some social protection.\"\n  - Resilient economies and societies: \"people feel that they belong, that there is fairness, that there are jobs for them.\"\n  - \"A resilient planet.\"\n- Specific emphasis for Africa:\n  - \"When it comes down to the climate crisis, we all know Africa has contributed the least to it, but suffers the most from its consequences.\"\n  - Endorsement of African leadership: \"I salute the African leaders gathered here today for their commitment to advancing climate adaptation.\"\n  - Endorsement of the African Adaptation Acceleration Plan and commitment to alignment."
    },
    {
      "heading": "IMF role, instruments, and ambitions",
      "content": "- Core IMF task: \"macroeconomic and financial stability, growth, and employment.\"\n- Claim: \"We can no longer deliver on this mission unless we embrace this comprehensive concept of resilience.\"\n- Integration of climate into IMF work:\n  - \"We integrate climate in our policy analysis, policy recommendations, and in our financial sector assessments.\"\n  - \"We integrate it in our public investment management assessments.\"\n- Financing instrument:\n  - The Resilience and Sustainability Trust \"is now $40 billion-strong.\"\n  - Instrument features: \"long maturity—20 years—and a long grace period—10.5 years.\"\n  - Ambition: \"My dream is for the $40 billion to generate $400 billion in financing for adaptation and mitigation in our member countries.\"\n  - Use-case focus:\n    - In high emitters: \"the focus is mitigation.\"\n    - In climate-vulnerable countries: \"the focus is on adaptation.\"\n  - Status: \"I’m proud that we have many countries from Africa who are thinking of tapping into this instrument.\"\n  - Implementation note: \"We hope to advance quickly with several of these African countries.\""
    },
    {
      "heading": "Policy recommendations and partnerships",
      "content": "- Protect social spending: \"we must look at social protection and social spending in our member countries and make sure it is protected.\"\n- Ensure resilient investment decisions: \"we must look at investment decisions and be confident they are resilient.\"\n- Cooperate with others: \"Cooperating with others is a ‘must’ if we are to succeed.\"\n- Framing: Environmental action as an opportunity — \"If we do it right, it can be a source of new economic opportunities, create jobs, and improve living standards.\""
    },
    {
      "heading": "Key statistics and country examples",
      "content": "- \"25 percent of emerging markets\" — debt situation \"is no longer sustainable.\"\n- \"Over 60 percent\" of poorer countries are \"in or at risk of debt distress.\"\n- Resilience and Sustainability Trust size: \"$40 billion.\"\n- Resilience and Sustainability Trust maturity: \"20 years.\"\n- Resilience and Sustainability Trust grace period: \"10.5 years.\"\n- Financing ambition: \"$40 billion\" to generate \"$400 billion.\"\n- Country examples cited: Sri Lanka; Ghana (\"a country with strong fundamentals like Ghana in a situation where it is harder to access markets because of exogenous shocks\").\n\nManaging Director's Remarks at the Global Center on Adaptation's Africa Adaptation Summit — September 5, 2022\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- Sri Lanka and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2022/09/06/sp090522-md-gca-africa-adaptation-summit-remarks"
    }
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    "Published: September 5, 2022",
    "\"We are now experiencing a cost-of-living crisis.\"",
    "A war in Europe — \"Russia’s invasion of Ukraine\" — \"has had an impact, fast and far.\"",
    "\"The climate crisis has hit hard in many places this year.\"",
    "Two lessons drawn from the context:",
    "Social and economic consequences:",
    "Argument: \"We can no longer think of our economies as relatively simple mechanisms which function so long as there is a strong banking sector and financial stability.\"",
    "Resilience must be comprehensive and include:",
    "Specific emphasis for Africa:",
    "Core IMF task: \"macroeconomic and financial stability, growth, and employment.\"",
    "Claim: \"We can no longer deliver on this mission unless we embrace this comprehensive concept of resilience.\"",
    "Integration of climate into IMF work:",
    "Financing instrument:",
    "Protect social spending: \"we must look at social protection and social spending in our member countries and make sure it is protected.\"",
    "Ensure resilient investment decisions: \"we must look at investment decisions and be confident they are resilient.\"",
    "Cooperate with others: \"Cooperating with others is a ‘must’ if we are to succeed.\"",
    "Framing: Environmental action as an opportunity — \"If we do it right, it can be a source of new economic opportunities, create jobs, and improve living standards.\"",
    "\"25 percent of emerging markets\" — debt situation \"is no longer sustainable.\"",
    "\"Over 60 percent\" of poorer countries are \"in or at risk of debt distress.\"",
    "Resilience and Sustainability Trust size: \"$40 billion.\"",
    "Resilience and Sustainability Trust maturity: \"20 years.\"",
    "Resilience and Sustainability Trust grace period: \"10.5 years.\"",
    "Financing ambition: \"$40 billion\" to generate \"$400 billion.\"",
    "Country examples cited: Sri Lanka; Ghana (\"a country with strong fundamentals like Ghana in a situation where it is harder to access markets because of exogenous shocks\").",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[Sri Lanka and the IMF](http://www.imf.org/external/country/LKA/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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