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LONDON, Oct 19 (IPS) - It’s official: The World Bank officially has a mission to combat climate change. At least on paper.This week, the World Bank governing body approved a new vision statement that clarifies that the Bank can tackle climate change as part of its mission to alleviate global poverty on “a livable planet.” Also this week, the new World Bank President Ajay Banga suggested that he’ll be consider redirecting subsidies away from fossil fuels and towards climate action.

African governments are boosting their voice in international fora but the changes are yet to translate into a substantive power shift, The first IMF and World Bank annual meetings to be held in Africa for 50 years, delivered some gains for the continent against the backdrop of heightened geopolitical tensions in the Middle East and Europe. The loudest demands for reform faced by the IMF and the World Bank are driven by debt burdens and financing conditions facing developing economies, especially in tackling climate adaptation and mitigation costs.

Marrakesh, Morocco (AFP) Oct 13, 2023 - The IMF and World Bank have been holding their first annual meetings in Africa in 50 years under pressure to reform a system too outdated to properly help poor nations battered by the effects of climate change.

MARRAKESH: The heads of the IMF and World Bank urged member nations on Friday to boost the funding firepower of the...

The heads of the IMF and World Bank urged member nations on Friday to boost the funding firepower of the global lenders to help poorer countries combat poverty and climate change.