How Sri Lanka Can Benefit from the New WBG-IMF Climate Framework

COLOMBO (News 1st); The World Bank Group (WBG) and the International Monetary Fund (IMF) launched the Enhanced Cooperation Framework for Climate Action.

Madagascar will be the first to benefit from this framework through the Resilience and Sustainability Facility (RSF) approved by the IMF. The WBG will also actively support Madagascar's climate efforts.

Madagascar will use the WBG's Country Climate and Development Report and the IMF’s Climate Policy Diagnostics to guide its efforts.

They will focus on green and resilient investments and adaptation measures that provide immediate benefits.

This includes improving public investment management, creating a new mining code to address social and environmental issues, and expanding renewable energy to increase electricity access.

What This Means for Sri Lanka?

Sri Lanka can also benefit from this program in several ways:

Poverty Reduction: Like Madagascar, climate change worsens poverty in Sri Lanka. The program can help Sri Lanka become more resilient to climate change, reducing poverty and improving livelihoods.

Collaboration: The program encourages cooperation between government, private sector, and civil society to tackle climate issues. For Sri Lanka, this means bringing together all stakeholders to create effective climate action plans.

Green Investments: The program promotes green and resilient investments. In Sri Lanka, this can lead to more projects focused on sustainability, such as renewable energy and environmentally friendly infrastructure.

Renewable Energy: For Madagascar, the program includes expanding renewable energy and reducing electricity costs. Sri Lanka can similarly benefit by improving access to affordable, clean energy, particularly in rural areas.