The idea of forgiving debt held by poor countries in exchange for green investments gained ground this week during the spring meetings of the IMF and World Bank, with concrete proposals expected in time for a global climate summit this fall.
Low-income countries face a double crisis they are under pressure to pay down their debt while also confronting environmental problems.
That makes them highly, highly vulnerable, Kristalina Georgieva, managing director of the International Monetary Fund, said this week, adding that it thus makes sense for the world to pursue so-called green debt swaps.
A World Bank spokesperson underscored that point.
The COVID-19 crisis has made it significantly harder for developing countries to tackle the rising…
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