At the Paris Global Financing Pact Summit, International Monetary Fund announced that it has hit its target of $100 billion in special drawing rights for vulnerable nations.
The International Monetary Fund also announced that it will be easing the funds for disaster-ridden countries.
This change is taken to ease post-war reforms, and debt burdens and to also free up funds to tackle climate change.
With this initiative, the world bank will offer a pause in repayments of loans, so countries facing natural disasters will be able to focus on rebuilding and restoring their country and people’s lives before repaying the loan.
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