Indeed... and also indicative of Senegal's position which received 3-notch downgrade in less than 6 months (+ an extra 30% probability according to Moody's to be downgraded in the next year, compared to less than 15% of all B3-rated issuers)

Minor correction which makes it tougher, B3 from B1...

Press release: www.rockefellerfoundation.org/news/marrake...

-Next steps: COP28 presidency offering full support to showcase the proposal at a high-level event on Finance Day on December 4th during COP28. The AfDB and IDB did a great job developing this proposal, now it's time for donors to step up.
www.cgdev.org/blog/funding...

- France confirmed its participation in the SDR rechanneling to MDBs through the Liquidity Support Agreement
- The participants agreed to establish a working group to identify contributions ASAP and resolve the remaining technical issues faced by donors

And the blog summarising the findings (but as always, recommend reading the whole thing): www.cgdev.org/blog/do-fina...
4/4

This implies a triple whammy of challenges for emerging market economies as they confront the economic damages of climate change, the high fiscal costs of climate adaptation, and high borrowing costs. 3/4 Link to the paper: www.cgdev.org/publication/...

Findings: 1- We find that changes in climate debt are an important determinant of spreads, but only in emerging economies. 2- Countries with high vulnerabilities and low resiliency to climate change also pay higher spreads. 2/4

However, I do agree with the call for donors to close the gaps in PRGT resources. The PRGT is key for LICs and although donors made a great effort during AM to close these gaps, there's still room for a bigger PRGT. www.cgdev.org/publication/...

Most of the chunk of PRGT-eligible countries still have room to borrow more under the PRGT as the limit is currently at 435%. What could be raised is the annual limit currently set at 145% so countries can borrow more under the PRGT per year.

3) I only partly disagree with aligning PRGT access thresholds with those of the GRA. In the March review, GRA access limits were raised but not for the PRGT due to the lack of subsidy resources. Although I think it's a great initiative, it will likely have no impact(table below)

The IMF struggled to find subsidy resources and still needs to meet the updated subsidy pledge, expanding eligibility for the PRGT will only worsen the problem.
www.cgdev.org/blog/running...

2) I don't think the Fund should relax the PRGT eligibility criteria. There are already 70 countries eligible for the PRGT (only 6 less than IDA), adding more countries will likely crowd out programs that should go to the countries that need this the most.

10: Last but not least, The IMFC calls for the creation of a 25th chair on the IMF EB for Sub-Saharan Africa to improve Africa's voice and representation on the board.
Link to the statement: www.imf.org/en/News/Arti...

9: On debt, it welcomes progress in Zambia, Sri Lanka, and Suriname, but calls for progress in Ghana, Ethiopia, and Malawi. It also supports stronger creditor coordination for debt restructuring in LICs and MICs outside the CF.