Commonwealth Nations Need Better Access To Climate Finance: Second Finance Minister

KUALA LUMPUR, Oct 10 (Bernama) -- Commonwealth finance ministers in the recently concluded meeting acknowledged the need to enhance countries' access to climate finance, Second Finance Minister Johari Abdul Ghani said. Climate finance involves fund flow by national, regional and international entities for climate change mitigation and adaptation programmes. In a statement Monday, he said the meeting, which focused on factors affecting the current global economy and financial stability, encouraged ministers to find new instruments to help countries manage climatic shocks. The meeting discussed issues arising from the international response to the Panama Papers as well as shared perspectives on the impact of Brexit and the challenges it poses to the global economy. Johari led the Malaysian delegation to the International Monetary Fund (IMF)-World Bank Annual Meetings and the Commonwealth Finance Ministers and Central Bank Governors' Meeting from Oct 6 to 9 in Washington, the US. He said the IMF and World Bank Meetings discussed, among others, current issues affecting the global economy, the international financial system and progress of the global development agenda, including poverty reduction. "The meeting highlighted the progress of the IMF and World Bank Group activities, including policies and programmes implemented in assisting member countries facing financial and development difficulties. "The International Monetary and Financial Committee (IMFC) meeting focused on the fund's role in safeguarding global financial stability, providing multilateral and bilateral policy advice and extending prompt financial support amid the current global economic landscape. "The meeting discussed the importance of quota and governance reforms towards a more equitable shareholding among its members over time," he said. Johari said the Development Committee (DC) meeting continued its discussions on global development issues that are critical towards eradicating extreme poverty and promoting shared prosperity. "The meeting discussed strategies and action plans to overcome issues that may have a negative effect on global economic development, as well as the strategic direction of the World Bank Group towards achieving the 2030 Development Agenda. "In addition, the slowdown in global trade and the risk to anti-trade sentiment were also discussed during both meetings," he said. Johari also participated in the ASEAN Finance Ministers and Governors' meeting with IMF Managing Director Christine Lagarde. The meeting discussed the impact of the slowdown in the global economy on ASEAN countries and collective measures that can be executed to mitigate the potential risks. Lagarde shared how the IMF could leverage on its expertise in assisting the region, he said. He met international credit rating agencies Fitch Ratings, Standard & Poor's Ratings Services and Moody's to update on the current economic and financial developments in the country as well as the steps taken to address the challenges. -- BERNAMA