Debt For Climate Swaps Analysis Design And Implementation
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Debt-for-Climate Swaps: Analysis, Design, and Implementation
Author: Mr. Marcos d Chamon
language: en
Publisher: International Monetary Fund
Release Date: 2022-08-12
This paper compares debt-for-climate swaps—partial debt relief operations conditional on debtor commitments to undertake climate-related investments—to alternative fiscal support instruments. Because some of the benefits of debt-climate swaps accrue to non-participating creditors, they are generally less efficient forms of support than conditional grants and/or broad debt restructuring (which could be linked to climate adaptation when the latter significantly reduces credit risk). This said, debt-climate swaps could be superior to conditional grants when they can be structured in a way that makes the climate commitment de facto senior to debt service; and they could be superior to comprehensive debt restructuring in narrow settings, when the latter is expected to produce large economic dislocations and the debt-climate swap is expected to materially reduce debt risks (and achieve debt sustainability). Furthermore, debt-climate swaps could be useful to expand fiscal space for climate investment when grants or more comprehensive debt relief are just not on the table. The paper explores policy actions that would benefit both debt-climate swaps and other forms of climate finance, including developing markets for debt instruments linked to climate performance.
2024年世界粮食安全和营养状况
Author: FAO; IFAD; UNICEF; WFP; WHO
language: zh-CN
Publisher: Food & Agriculture Org.
Release Date: 2024-10-22
今年距离2030年仅六年之遥，全球消除饥饿和粮食不安全（可持续发展目标2.1）的进展仍然乏力，未能朝着正确方向发展。全球营养目标的进展指标同样表明，世界并未走上消除一切形式营养不良（可持续发展目标2.2）的正轨。数十亿人仍然无法获得营养、安全和充足的食物。然而，许多国家取得的进展给人们带来了希望，即有可能重回正轨，消除饥饿和营养不良。要扭转当前饥饿、粮食不安全和营养不良的趋势，需要实施相应的政策、投资和法律。要有效实施这些措施，关键在于为粮食安全和营养工作提供适当的资金支持。尽管人们普遍认识到迫切需要增加这方面的资金投入，但对于如何定义和跟踪这种资金投入却尚未达成共识。本报告提供了人们期待已久的粮食安全和营养供资定义，并提出了落实指南。本报告就如何高效运用创新融资工具、改革粮食安全与营养供资体系提出了建议。就粮食安全和营养供资以及追踪、衡量及实施方法确定一套统一的定义，不仅是可持续地增加资金，助力消除饥饿、粮食不安全以及各种形式营养不良的关键第一步，也是确保当代及后世子孙都能享有健康膳食的重要起点。
Guidance Note On The Financing Assurances And Sovereign Arrears Policies And The Fund's Role In Debt Restructurings
Author: International Monetary Fund. Legal Dept.
language: en
Publisher: International Monetary Fund
Release Date: 2024-11-18
Under its Articles of Agreement, the Fund may only provide financing to assist members to resolve their balance of payments problems and restore medium-term external viability and may only do so under adequate safeguards. The Fund’s inter-related policies on financing assurances, debt sustainability, and debt restructuring are relevant for restoring medium-term external viability. This note is designed as a reference and primer on these key sovereign debt-related Fund policies. It focuses on how to establish that a program is “fully financed” (i.e., the financing assurances policy), how to handle arrears owed by a member to its official and private creditors (i.e., the lending into arrears policies), and how to establish safeguards for continued Fund lending at the stage of program reviews (i.e., financing assurances reviews). It also provides guidance on the more general role of the Fund in debt-restructuring situations. It is the first comprehensive operational guidance on these policies, replacing the guidance previously available at the departmental level. The relevant Fund Executive Board Decisions remain the primary legal authority on matters covered in this note.