The Secretary-General congratulates Ms. Kristalina Georgieva and the Executive Board of the International Monetary Fund (IMF) for approving the new Resilience and Sustainability Trust (RST) effective 1 May 2022.
The RST is welcome news especially for countries facing compounded crises, including the impact of the war in Ukraine. The RST builds in a long-term perspective and will support developing countries and vulnerable middle-income countries in addressing issues such as climate change and the protracted COVID-19 pandemic, while also improving resilience to future shocks. A long-term perspective is needed if we are to address not only the current three-dimensional crises but retain hope of rescuing the Sustainable Development Goals.
Mindful of the current context, the RST must be sufficiently and immediately capitalized to meet this challenge. At last week’s launch of the Global Crisis Response Group, the Secretary-General strongly encouraged donor contributions to the RST and the Poverty Reduction and Growth Trust (PRGT) as well as rechanneling unused Special Drawing Rights from countries with strong external positions to countries most in need of resources to build resilience.