Colleagues, I know that I will not surprise you in stating that climate change is one of the biggest challenges for the World. Since 1850, the average global temperature has increased by almost 1°C.
We recognize that the Early Warning Exercise is still a work-inprogress, and we are looking forward to its further integration into the Fund's analytical work. The Fund has thoroughly reformed its lending facilities and conditionality. Member countries can now get larger amounts of financing with streamlined conditionality. Structural conditionality in particular has been revamped to focus on objectives rather than on specified actions.