Istanbul, June 23 (HNA) – Madagascar will be the first country to benefit from the Framework in the context of the Resilience and Sustainability Facility (RSF) arrangement approved today by the World Bank Group (WBG) and the International Monetary Fund (IMF), according to the joint statement of WBG and IMF.
“Climate change is exacerbating poverty in Madagascar. Through the Framework, WBG-IMF coordinated efforts will strive further to support the country’s resilience in climate change, working closely with other development partners,” read the statement, and added:
“The Framework, a beacon of hope, aims to unite country authorities, development partners, the private sector, and civil society in a concerted effort to combat climate change. Leveraging the analytical expertise and financing instruments of IMF and WBG, the institutions will provide crucial support to the design and implementation of country authorities’ climate actions, fostering a sense of collective responsibility and shared success.”
Madagascar, as the first country to benefit from this transformative Framework, will see immediate development benefits, according to the joint statement, adding that, the coordination of policy synergies and capacity development among country authorities, the IMF, and the WBG will lead to the promotion of green and resilient investments and adaptation interventions, inspiring a brighter, more sustainable future.
“This includes IMF support to improve public investment management while the WBG focuses on implementing a new mining code to address social and environmental impacts” read the statement and went on as follows:
“It also covers support for expanding renewable energy to help close the country’s electricity access gap. The WBG will support the reduction of electricity costs and the development of renewable energy production. At the same time, the RSF will help operationalize a dedicated financing vehicle to promote clean energy projects, including those in rural areas.
“Madagascar will also adopt a national climate finance mobilization strategy to strengthen its position as an attractive destination for climate-related investments. The IMF and WBG stand ready to support a country-led platform to mobilize additional programmatic and project climate financing that could be implemented in 2025.”