Business
Biden pledges record $4bn to World Bank fund for poorest countries
字号+ Author:Smart News Source:US 2025-01-13 06:38:15 I want to comment(0)
US President Joe Biden pledged a $4 billion US contribution to the World Bank’s International Development Association fund for the world’s poorest countries, a senior Biden administration official said on Monday. Biden announced the three-year US pledge during a closed session of the Group of 20 summit in Rio de Janeiro, the official told reporters, adding that the US Treasury was leading negotiations at the World Bank for the IDA replenishment. The new US pledge is a record and substantially exceeds the $3.5bn Washington committed in the previous IDA fund replenishment round in December 2021. It is unclear if US Donald Trump, who has proposed cutting foreign aid in the past, will honour Biden’s pledge as he and billionaire Tesla and SpaceX CEO Elon Musk seek to slash US spending through a new government . An appropriation by the US Congress to fund the commitment would not likely take place until after Trump takes office in January. A spokesperson for Trump’s transition team did not respond to a request for comment on the matter.’ Earlier in Rio de Janeiro, US Deputy National Security Adviser Jonathan Finer told reporters that Biden would announce a “historic” pledge to the IDA replenishment. Finer also told reporters at a briefing on the that Biden will launch a bilateral clean energy partnership when he meets Brazilian President Luiz Inacio Lula da Silva on Tuesday. The World Bank’s IDA fund, which provides mainly grants and very low-interest loans to the poorest countries, is replenished every three years, and a pledging conference is scheduled for December 5-6 in Seoul. World Bank President Ajay Banga is aiming for a record amount exceeding the $93bn refunding in December 2021, amid rising demands from poor nations in Africa and elsewhere that are struggling with crushing debts, climate disasters, conflict and other pressures. Banga told in October that a $120bn replenishment is possible, but that goal would require some substantial increases in country commitments. Biden’s new US commitment is about 14.3 per cent higher than its 2021 contribution. At the IMF-World Bank annual meetings in October, Spain announced plans to boost its contribution by 37pc to $423 million. Denmark in September announced a 40pc increase in its contribution to about $492m.
1.This site adheres to industry standards, and any reposted articles will clearly indicate the author and source;
Related Articles
-
Three more cases of poliovirus in Balochistan, KP take year’s tally to 55
2025-01-13 06:20
-
'PTI's failure to meet Imran, submit written demands stalls talks with govt'
2025-01-13 05:23
-
Aid convoy's departure to Parachinar conditional on security clearance: KP govt
2025-01-13 05:01
-
Accountability court to announce £190m case verdict on Jan 13
2025-01-13 04:32
User Reviews
Recommended Reads
Hot Information
- Netherlands into Nations League quarters as Germany pulverise Bosnia 7-0
- Court orders police to arrest KP CM Gandapur
- Accountability court to announce £190m case verdict on Jan 13
- £190m case: Verdict against Imran, Bushra 'put off' again
- Lawyers protest court relocation in DI Khan
- Aid convoy's departure to Parachinar conditional on security clearance: KP govt
- 'PTI's failure to meet Imran, submit written demands stalls talks with govt'
- Uzbekistan announces plans to launch direct flights to Karachi
- Israel pounds southern Lebanon and Beirut outskirts, killing hospital director, 5 medics
Abont US
Follow our WhatasApp account to stay updated with the latest exciting content