Before the year is over, it is crucial to enhance the IMF's quota resources, according to Kristalina Georgieva, the organization's president, who also urged G20 participants to follow through on their pledge of $100 billion annually in climate funding.
The organization promised to address debt risks in low- and middle-income countries "in an effective, comprehensive and systematic manner" in a statement following its summit in New Delhi this past weekend, but it made no new recommendations."G20 members must lead by example in delivering on the promises of $100 billion per year for climate finance, supported by strengthening the multilateral development banks," Georgieva said in a statement at the conclusion of the two-day conference.
"Countries also need to mobilize domestic resources through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets to finance and manage the green transition."
She implored the committee to make the global financial safety net stronger.
Before the end of the year, an agreement to enhance the IMF's quota resources must be reached, she added, in order to strengthen and increase the global economy's resilience in a more shock-prone environment.
A similar agreement would guarantee the funds required for the Poverty Reduction and Growth Trust, which the Fund uses to provide interest-free assistance to the world's poorest nations.
The G20 conference also vowed to support and reform international development banks while approving a plan to tighten up regulations on cryptocurrencies globally.
There is more work to be done, particularly in the area of digital currency and crypto assets, according to Georgieva.