The European Commission has teamed up with the International Monetary Fund (IMF) to strengthen co-operation to support sustainable development across the world.
They have agreed a new Financial Framework Partnership Agreement that will boost their collaboration to tackle key challenges, including climate change and help countries achieve the UN’s Sustainable Development Goals.
The IMF is an organisation of 189 countries, working to foster global monetary co-operation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth as well as reduce poverty around the world.
The new agreement will replace the one from 2017 and allow both the Commission and the IMF to take full advantage of the novelties introduced in the 2018 EU Financial Regulation, such as increased simplification and bigger focus on results.
European Commission President Ursula von der Leyen said: “The European Union and IMF are strong partners. We jointly want to find solutions to global issues, notably in Africa. Today’s new Agreement will allow us to focus better on climate change and digital challenges.
“I am particularly grateful to [IMF Managing Director] Kristalina Georgieva for her leadership. Together we are going to further strengthen our co-operation and partnership.”