{
  "title": "Managing Director’s Remarks at the World Bank/IMF/Financial Times Pavilion: A Fireside Chat with President Banga, Moderated by Pilita Clark",
  "publication": "IMF News, December 1, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/12/02/sp-md-remarks-at-worldbank-ft-pavilion-fireside-chat-cop28",
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  "summary": "This is the first COP when the IMF and the World Bank have shared a pavilion. This sends a signal that we all need to work together in a way that makes sure what we achieve is bigger than we would have achieved on our own.",
  "publishDate": "2023-12-01",
  "sections": [
    {
      "heading": "Context and opening points",
      "content": "- This is the first COP when the IMF and the World Bank have shared a pavilion; the shared pavilion is presented as a signal that multilateral cooperation must produce outcomes \"bigger than we would have achieved on our own.\"\n- Date: December 1, 2023."
    },
    {
      "heading": "Scale of climate finance and framing",
      "content": "- The $5 trillion climate finance target is framed against a global economy described as \"over $100 trillion economy\" that will continue to grow; this framing is used to argue the target is large but not impossible.\n- Key question posed: is the $5 trillion meant solely for climate investment or for investments in \"climate and development\"? If for both, the sum is presented as less daunting."
    },
    {
      "heading": "Recommended financing approach — use all instruments",
      "content": "- Principle: \"use all possible instruments we have at our disposal.\"\n\n- Carbon pricing\n  - The IMF is a \"huge proponent of carbon pricing.\"\n  - Carbon pricing is argued to:\n    - Raise revenues in an equitable way (\"the more you consume, the more you pollute, the more you pay\").\n    - Provide incentives to accelerate decarbonization, reducing required financing because consumption and production adapt.\n\n- Public-private partnerships and blended finance\n  - Private-public partnerships are described as \"finally at the cusp\" of delivering necessary impact.\n  - Blended finance is characterized as \"no longer just a term: it is a reality,\" with various instruments being deployed.\n\n- Domestic tax collection and fiscal discipline\n  - A third financing source is improved domestic tax collection.\n  - Claim: in many developing countries tax collection is \"below the 15 percent tax to GDP ratio which we think is the minimum needed to function.\"\n  - Even at tax-to-GDP ratios of 20, 21, 22, or 23 percent, IMF analysis indicates \"there is space to improve tax collection.\"\n  - Digitization is cited as a tool that \"makes it harder to hide money\" and supports a call to \"collect that tax!\" and \"take a more aggressive approach towards tax avoidance.\"\n  - Overall framing: tax shortfalls are \"a problem, but it is a solvable problem\" and IMF/World Bank institutions can contribute to solutions."
    },
    {
      "heading": "IMF instruments and recent developments",
      "content": "- Resilience and Sustainability Trust (RST)\n  - The RST is described as a \"$40 billion Resilience and Sustainability Trust — which is a new trust.\"\n  - Current status: \"We already have 11 programs, of which six are in Africa and the total amount committed is around $4.4 billion.\"\n  - Demand for RST support is characterized as \"incredible,\" and \"performance is improving.\"\n  - The IMF \"rel[y] on the World Bank for the quality of the policy decisions we support.\"\n\n- Recent pledge\n  - \"Today the United Arab Emirates announced an additional $200 million in support for the RST.\""
    },
    {
      "heading": "Summary policy implications and operational notes",
      "content": "- Multilateral cooperation (IMF + World Bank) is emphasized as essential to scale impact.\n- A multi-pronged financing strategy is recommended, combining:\n  - Carbon pricing to both raise equitable revenue and reduce financing needs,\n  - Scaled blended finance and effective public-private partnerships,\n  - Stronger domestic tax collection and anti–tax avoidance measures aided by digitization.\n- The IMF positions the RST as an active instrument with growing demand, existing program commitments, and recent additional donor support.\n\nSource: Managing Director’s Remarks at the World Bank/IMF/Financial Times Pavilion: A Fireside Chat with President Banga, Moderated by Pilita Clark (December 1, 2023).\n\n---\n\n\n References\n\n- https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva\n- United Arab Emirates and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/12/02/sp-md-remarks-at-worldbank-ft-pavilion-fireside-chat-cop28"
    }
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    "Published: December 1, 2023",
    "This is the first COP when the IMF and the World Bank have shared a pavilion; the shared pavilion is presented as a signal that multilateral cooperation must produce outcomes \"bigger than we would have achieved on our own.\"",
    "Date: December 1, 2023.",
    "The $5 trillion climate finance target is framed against a global economy described as \"over $100 trillion economy\" that will continue to grow; this framing is used to argue the target is large but not impossible.",
    "Key question posed: is the $5 trillion meant solely for climate investment or for investments in \"climate and development\"? If for both, the sum is presented as less daunting.",
    "Principle: \"use all possible instruments we have at our disposal.\"",
    "Carbon pricing",
    "Public-private partnerships and blended finance",
    "Domestic tax collection and fiscal discipline",
    "Resilience and Sustainability Trust (RST)",
    "Recent pledge",
    "Multilateral cooperation (IMF + World Bank) is emphasized as essential to scale impact.",
    "A multi-pronged financing strategy is recommended, combining:",
    "The IMF positions the RST as an active instrument with growing demand, existing program commitments, and recent additional donor support.",
    "[https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva](https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva)",
    "[United Arab Emirates and the IMF](http://www.imf.org/external/country/ARE/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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