On Thursday 8 July 2021, the V20, led by Bangladesh, convened a “Climate Vulnerables Finance Summit” – the first intergovernmental finance summit led by economies systemically vulnerable to the global climate crisis.
At this event, vulnerable economies including The Gambia, represented by the Finance and Economic Affairs Minister, Mambury Njie, called on rich nations to avert the global climate-COVID economic threat.
Minister Njie, called on the international community to support LDC’s debt crises situation “through the upcoming Special Drawing Rights (SDR) allocation. These SDRs can support the poorest and most climate-vulnerable countries in overcoming the significant liquidity shortfalls stemming from the COVID-19 crises. He noted that the SDRs are allocated in proportion to member countries’ IMF quotas, which are low in the case of LDCs. Low-income countries would receive only $21 billion of the total $650 billion SDR issuance and this is at variance with the spirit of the Paris Agreement.”