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Reuters: IMF increasingly worried about 'material' impact of climate change on economies
IMF increasingly worried about 'material' impact of climate change on economiesBy Andrea Shalal
July 25, 2023 9:10 AM EDT
WASHINGTON, July 25 (Reuters) - The International Monetary Fund on Tuesday called for better coordinated efforts to address the causes of climate change, warning extreme weather is posing material risks to countries globally, especially developing economies already saddled with high debts.
IMF Chief Economist Pierre-Olivier Gourinchas said the case of Argentina, which has seen a prolonged financial crisis worsened by a ferocious drought that reduced agricultural exports by an estimated $20 billion this year, showed how profoundly weather events could exacerbate existing strains.
Argentina on Monday set new weaker trade-related exchange rates as it raced to reach an agreement with the IMF and bring forward billions of dollars in disbursements from its $44 billion IMF program.
Some countries were finding it "very, very difficult" to maintain market access in the current environment, with interest rates and debt service costs climbing, Gourinchas said in an interview with Reuters about updates to the IMF's global outlook.
…
July 25, 2023 9:10 AM EDT
WASHINGTON, July 25 (Reuters) - The International Monetary Fund on Tuesday called for better coordinated efforts to address the causes of climate change, warning extreme weather is posing material risks to countries globally, especially developing economies already saddled with high debts.
IMF Chief Economist Pierre-Olivier Gourinchas said the case of Argentina, which has seen a prolonged financial crisis worsened by a ferocious drought that reduced agricultural exports by an estimated $20 billion this year, showed how profoundly weather events could exacerbate existing strains.
Argentina on Monday set new weaker trade-related exchange rates as it raced to reach an agreement with the IMF and bring forward billions of dollars in disbursements from its $44 billion IMF program.
Some countries were finding it "very, very difficult" to maintain market access in the current environment, with interest rates and debt service costs climbing, Gourinchas said in an interview with Reuters about updates to the IMF's global outlook.
…
Personally, I wish they were a little more concerned about people’s lives, than their economies, but, I realize that's not their department.
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