Pierre Gramegna, Luxembourg’s Minister of Finance, visited the United States to promote multilateralism and sustainable finance (part 1)

Minister of Finance Pierre Gramegna traveled to Washington DC (October 14-16) and New York City (October 16-21, 2021).

In Washington, he participated in the annual meetings of the International Monetary Fund (IMF) and the World Bank. Though the economic recovery after the pandemic was high on the agenda, he also held meetings pertaining to Luxembourg’s involvement in the multilateral financial institutions, as well as on Luxembourg’s prominent role in climate finance and sustainable development. 

Minister Gramegna co-chaired a round table with Kristalina Georgieva, Managing Director of the IMF, and Tharman Shanmugaratnam, Senior Minister and Minister Coordinating for Social Policies of Singapore, on the possible transfer of Special Drawing Rights (SDRs) to vulnerable countries, through a resilience and sustainability fund. Luxembourg had supported the historical allocation of SDR of 650 billion USD in August in order to support the global economic recovery. Minister Gramegna recalled that Luxembourg is one of the few countries in the world investing 1% of their gross national income (GNI) in development aid and assured the members of the IMF of Luxembourg's support for this new initiative, which aims to provide the most needy countries with the necessary liquidity to face climate change and possible future crises.

On the sidelines of the plenary meetings, Pierre Gramegna also had working meetings with IMF leaders to discuss the world economic situation, particularly with regard to the public health situation and developments relating to inflation, as well as the European recovery plan and Luxembourg's efforts in favor of climate finance.

At the World Bank, Pierre Gramegna discussed the growing role of climate finance in achieving the United Nations Sustainable Development Goals (SDGs). In this regard, Axel van Trotsenburg, Director of Operations at the World Bank, noted the expertise of the Luxembourg financial center in this area, illustrated by the fact that the green loans of the World Bank are listed on the Luxembourg Green Exchange (LGX) of the Luxembourg Stock Exchange.

Pierre Gramegna also took advantage of his visit to Washington to strengthen bilateral ties with the United States. He continued the dialogue started earlier this month at the OECD meeting with José W. Fernandez, US Under Secretary for Economic Growth, Energy and the Environment, to explore avenues for increased collaboration, particularly in the areas of investment and the fight against climate change.

More information on the mission in Washington DC (in French)

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