Oxfam’s position on the USD100 million climate fund proposed by the International Monetary Fund runs counter to that of the financial institution’s member countries.
“We welcome today’s proposal as it shows that there are ways to deliver the massive scale of resources required for developing countries to fight climate change,” Oxfam spokesman David Waskow said in a press release.
Waskow lauded IMF’s proposal to fund adaptation measures through grants instead of loans but warned that the scheme will only work if developed countries ensure that there is enough money to support the grants. He said IMF’s proposal does not explain where the money will come from.
Devex reported earlier that IMF member countries rejected the climate fund proposal, saying the institution “had no expertise or mandate to address climate change.”