Wednesday December 19, 2018
Home Business India renews ...

India renews calls for urgent reforms in IMF, World Bank

0
//
Republish
Reprint

Lima: India reiterated its call for quota reforms in the World Bank and International Monetary Fund (IMF), a top official said on Sunday.

“India called for governance reforms in both institutions to reflect growing share of developing countries in global GDP,” tweeted economic affairs secretary Shaktikanta Das, who attended the IMF-World Bank annual meetings here.

“Both institutions highly appreciative of policy steps of India,” he said.

Addressing the plenary session of the IMF-World Bank meeting, Finance Minister Arun Jaitley had voiced strong reservation to unprecedented delay in implementing the quota reform of the IMF, saying the organisation will be constrained in meeting its obligations in absence of governance reforms.

Underlining India’s commitment to the UN Sustainable Development Goals 2030, Das said: “India stressed that developed countries’ contribution to climate finance should be from new and additional sources.”

Addressing the meeting of G-20 finance ministers and central bank governors in the Peruvian capital on Thursday, Jaitley called for unconventional ways to raise funds in the current context achieve the UN Sustainable Development Goals (SDGs) by 2030.

The secretary also said the developed nations’ think tank, the Organisation for Economic Cooperation and Development (OECD), in a presentation, appreciated India’s contribution to new initiatives in international taxation like on Base Erosion and Profit Shifting (BEPS).

“In a presentation, OECD appreciated India’s contribution to new initiatives in international taxation like BEPS project,” Das said.

Earlier at the Commonwealth finance ministers meeting here, Jaitley had welcomed the final guidelines on BEPS issued by OECD, which has also developed the common reporting standards.

The Indian finance minister also reiterated the need for global implementation of reciprocal information exchange under common reporting standards to tackle the menace of tax evasion and black money.

Earlier this week, the Paris-based OECD unveiled measures, including country-by-country reporting, a framework to end treaty shopping and curbing harmful tax practices through automatic exchange of information, in an effort to bring transparency in international taxation norms for companies.

(IANS)

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

To Help Poor Countries Adapt To Global Warming, World Bank Doubles Its Funding

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate.

0
Drought, Climate change, global warming
A farmer stands on cracked earth that three weeks earlier created the bottom of a reservoir on his farm, in Groot Marico, South Africa. VOA

The World Bank has announced it is doubling its funding to help poor nations adjust to global warming to $200 billion over five years.

“If we don’t reduce emissions and build adaption now, we’ll have 100 million more people living in poverty by 2030,” the bank’s climate change chief John Roome told the French News Agency.

“And we also know that the less we address this issue proactively in just three regions – Africa, South Asia, and Latin America – we’ll have 133 million climate migrants, Roone cautioned.”

Helping poorer nations adapt to a warmer environment and the weather extremes that come with it include building sturdier homes, finding new sources of fresh water, and what the bank calls “climate smart agriculture.”

Climate change, ice, China, emissions, Global Warming
An ice crevasse is seen on the Baishui Glacier No. 1, the world’s fastest melting glacier due to its proximity to the Equator, on the Jade Dragon Snow Mountain in the southern province of Yunnan in China. VOA

The World bank ‘s announcement comes as delegates from 200 countries started a two week-long climate change conference in Katowice, Poland.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said Sunday.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said at the start of climate talks in Poland.

“This year is likely to be one of the four hottest years on record. Climate change impacts have never been worse. This reality is telling us that we need to much more,” she said Sunday.

Negotiators from nearly 200 nations are in the southern Polish city of Katowice for two weeks of talks on implementing the landmark 2015 Paris Accord. Signatories to that agreement pledged to cut greenhouse gas emissions and limit the rise in global temperatures to less than two degrees Celsius by 2030.

Climate change, emissions, Global Warming
U.N. Climate chief Patricia Espinosa (C) is flanked by officials during a press conference at the COP24 climate change summit in Katowice, Poland, VOA

“Looking from the outside perspective, it’s an impossible task,” Poland’s Deputy Environment Minister Michal Kurtyka told the Associated Press last week.

“The United Nations secretary-general is counting on all of us to deliver. There is no ‘Plan B'”

The climate change talks got a boost when 19 of 20 G-20 nations meeting in Buenos Aires reaffirmed their commitment to fighting climate change.

 https://youtu.be/mbt6_4IgZNg

The United States was the only holdout. President Donald Trump has threatened to pull the U.S. out of the Paris agreement because of what he says is the economic damage the treaty’s provisions would cause.

Trump is a promoter of fossil fuels and nuclear power and has proposed renegotiating the Paris Accord – an idea many dismiss as impractical.

Also Read: Climate Change To Get Worse In The Future: Study

Host country Poland is expected to propose what it calls a “just transition” for the oil, gas, and coal industries to ease the financial blow from the move away from such polluting sources of energy.

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate. (VOA)