UPDATE 1-IMF expects ‘meaningful’ pledges for new climate and pandemic confidence

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By Andrea Shalal

WASHINGTON, April 18 (Reuters) – The International Monetary Fund expects its members to make “significant” pledges of support for its newly approved Resilience and Sustainability Fund at IMF and Bank spring meetings. beginning this week, a senior IMF official said.

The IMF’s executive board last week approved the creation of the new trust to help low-income and most middle-income countries deal with longer-term challenges such as climate change and pandemics, with the goal of raising at least $45 billion.

Craig Beaumont, deputy director of the IMF’s finance department, said officials expected large pledges to arrive, although it could take longer to reach the full target.

Beaumount said the IMF would need to receive “a substantial fraction” of the total before beginning operations of the new trust by the time of the IMF and World Bank’s fall meetings in October.

“We understand that some of the countries that really led the talks want to show their strong support by engaging in the spring meetings,” Beaumont told reporters.

“We don’t have a hard number, but I have a feeling this could be a pretty big start to the overall fundraising effort.”

Beaumont said the IMF would build on the first round of support and reach out to a wider range of contributors to make up the full amount in coming months.

Beaumont gave no details on which countries would contribute early, or the exact amounts expected. He said members were finalizing their plans and some countries would need the approval of their parliaments.

IMF staff has been fleshing out details of the new facility in recent months after winning backing from the Group of 20 major economies in October. (Reporting by Andrea Shalal; Editing by Alison Williams)

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