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International Monetary Fund
This Work Program puts forward an IMF Board agenda focused on activities of critical importance to our members. In line with the strategic directions laid out in the Fall 2021 Global Policy Agenda and the International Monetary and Financial Committee (IMFC) Communiqué, the Work Program supports three policy priorities: (i) vaccinate the world to combat the pandemic everywhere; (ii) calibrate bilateral and multilateral policies to support the recovery and reduce scarring and divergences; and (iii) accelerate the transformation of the global economy to make it greener, more digital, and inclusive. To deliver on this agenda, it is also important to ensure that the Fund remains appropriately equipped to maintain its role at the center of the global financial safety net.
Amar Bhattacharya, Maksym Ivanyna, William Oman, and Nicholas Stern

prosperous. JEL Classification Numbers : Q01, Q54, H23, H4, O13 Keywords : climate change, sustainable development, just transition, low-carbon economy, inclusive growth Authors’ E-Mail Addresses : , , , Contents Abstract I. Introduction II. Science and Economics of Climate Change A. What Is Climate Change? B. Socio-Economic Consequences of Climate Change C. Other Environmental Threats D. What Needs to Be Done? III. Climate Action Overview: Accelerating

International Monetary Fund. African Dept.

targeted financial sanctions regime. The Financial Intelligence Act is also being revised as needed to support the AML/CFT framework. Structural Reforms 19. The authorities are committed to fast-tracking structural reforms to foster diversified and inclusive export-led growth. In this context, the effective implementation of the ERTP, aimed at reducing economic scarring, and accelerating transformation and job creation, is key. Four main sectors are earmarked for support. These are agriculture, tourism, the creative industry, and manufacturing. Given the

International Monetary Fund. Asia and Pacific Dept

up housing supply, which would complement the tighter macroprudential stance in supporting the stabilization of the residential real estate prices. They took positive note of the progress in implementing the 2019 FSSA recommendations and encouraged continued enhancement of the AML/CFT framework. Directors welcomed the authorities’ pivot to post-pandemic and longer-term policy priorities by accelerating transformation towards a greener, digital, and more inclusive economy. They encouraged continuous progress in the authorities’ ambitious strategy on climate change

Amar Bhattacharya, Maksym Ivanyna, William Oman, and Nicholas Stern

and Climate 2018 --). A sustainable, more inclusive, and more resilient growth model requires accelerating transformation in key economic systems – a shift to clean energy systems, smart urban development, sustainable land use, wise water management, and a circular industrial economy. Design and management of cities in particular will be central given their growing importance for climate impact and resilience. Investment in sustainable and resilient infrastructure is central to accelerating the transformation ( The Global Commission on the Economy and Climate

Amar Bhattacharya, Maksym Ivanyna, William Oman, and Nicholas Stern
Climate change is a major threat to the sustainability and inclusiveness of our societies, and to the planet’s habitability. A just transition to a low-carbon economy is the only viable way forward. This paper reviews the climate change challenge. It stresses the criticality of systems changes (energy, transport, urban, land use, water) in a climate-challenged world, and the importance of infrastructure investment geared toward such systems changes. The key policies to enable the transition are: public spending on and investment frameworks for sustainable infrastructure, pricing carbon, regulations, promoting sustainable use of natural resources, scaling up and aligning finance with climate objectives, low-carbon industrial and innovation policies, building resilience and adaptation, better measurement of well-being and sustainability, and providing information and education on climate risks. Implemented well, climate action would unlock the inclusive growth story of the 21st century, making our societies more sustainable, inclusive, and prosperous.
International Monetary Fund. Asia and Pacific Dept

. The authorities plan to accelerate transformation towards a green, digital, and more inclusive economy—objectives that are key and center in the FY2022 budget. Climate Policies 46. Singapore is significantly exposed to climate change risks . The country is particularly vulnerable to rising sea levels. While addressing climate change is an imperative for a resilient future in Singapore, the country’s geography, and natural endowment limit options. Singapore: Towards Net Zero Emissions (NZE) Pathway (In mtCO 2 e) Sources: IMF staff calculations. 47

International Monetary Fund. Asia and Pacific Dept
Singapore registered one of the most impressive recoveries from the pandemic, with economic output having surpassed pre-crisis levels at end-2021. This was spurred by the country’s strong economic fundamentals, an impressive vaccination rollout, and the authorities’ decisive policy responses. However, the recovery has been uneven with activities in tourism-related, consumer-facing and construction sectors remaining well below pre-pandemic levels. Inflation has risen rapidly due to higher food and energy, private transport, and housing prices, but inflation expectations remain well anchored. Risks to the outlook are tilted to the downside, arising mainly from the war in Ukraine and the related sanctions, the pandemic, China’s growth slowdown, and monetary policy normalization in advanced economies.
International Monetary Fund. Office of Budget and Planning

will work to support members adversely affected by the war, while continuing to help countries calibrate their response to the COVID-related economic crisis, and accelerate transformation towards a greener, digital, and more inclusive global FY 22(p)economy. The Fund itself is taking on board lessons from the pandemic by investing in a hybrid work model and, more broadly, incorporating lessons in modernization efforts. 2. Budget agility. The Fund’s nimble response to the protracted crisis continues a tradition of budget agility ( Figure 1 ). During the past two

International Monetary Fund. Asia and Pacific Dept

monitor developments in the real estate markets closely. The authorities will continue to build on the important recent steps to enhance the AML/CFT framework and are committed to sustained improvement of the risk-based assessment, including through a broad range of tools and data analytics. Beyond The Pandemic: Support for A Smarter, Greener, and more Inclusive Economy 38. Sustained economic growth post-pandemic will require policies that raise productivity and safeguard sustainability . The authorities’ plan to accelerate transformation towards a digital