U.S. President Joe Biden pledged a $4 billion U.S. contribution to the World Bank's International Development Association fund for the world's poorest countries, a senior Biden administration official said on Monday.
U.S. President Joe Biden pledged a $4 billion U.S. 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 U.S. pledge during a closed session of the Group of 20 summit in Rio de Janeiro, the official told reporters, adding that the U.S. Treasury was leading negotiations at the World Bank for the IDA replenishment.
The new U.S. pledge is a record and substantially exceeds the $3.5 billion Washington committed in the previous IDA fund replenishment round in December 2021.
It is unclear if U.S. President-elect Donald Trump, who has proposed cutting foreign aid in the past, will honor Biden's pledge as he and billionaire Tesla and SpaceX CEO Elon Musk seek to slash U.S. spending through a new government efficiency panel. An appropriation by the U.S. 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.
'HISTORIC' PLEDGE
Earlier in Rio de Janeiro, U.S. 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 G20 summit 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 Dec. 5-6 in Seoul.
World Bank President Ajay Banga is aiming for a record amount exceeding the $93 billion 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 Reuters in October that a $120 billion replenishment is possible, but that goal would require some substantial increases in country commitments.
Biden's new U.S. commitment is about 14.3% higher than its 2021 contribution. At the IMF-World Bank annual meetings in October, Spain announced plans to boost its contribution by 37% to 400 million euros ($423 million).
Denmark in September announced a 40% increase in its contribution to about $492 million.
The White House National Security Council has instructed U.S. government agencies to suspend all preparations for the upcoming G20 summit in South Africa, according to The Washington Post.
South Africa’s G20 presidency aimed to highlight global inequality, debt, and climate change, but U.S. President Donald Trump has dismissed its agenda. Secretary of State Marco Rubio called the goals “very bad” and will skip next week’s G20 meetings in Johannesburg.
The G20 foreign ministers will convene in Johannesburg on February 20-21, as reported by the Russian Foreign Ministry. This meeting will bring together top diplomats from the world’s major economies to discuss global issues and enhance international cooperation.
The G20 summit in Cape Town, South Africa, is focusing on financing recovery for nations hit by climate-induced disasters and extending debt relief to developing countries.
A hot air balloon carrying 21 people caught fire and crashed Saturday in southern Brazil, killing eight and injuring at least 13 others, local authorities said.
Iranian President Masoud Pezeshkian said Saturday that nations' rights under international law “cannot be taken away through war and threats,” during a phone call with French President Emmanuel Macron.
A tornado ripped through a rural area of North Dakota late Friday, killing three people and leaving behind severe damage as storms lashed parts of the upper Midwest.
Afghanistan’s Taliban-led interim government has dismissed a recent United Nations report on the country’s security, human rights, and economic situation, calling it inaccurate and misleading.
Ukrainian President Volodymyr Zelenskyy says Russia handed over 21 bodies in a recent exchange—20 of them were Russian soldiers, and one a foreign mercenary.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
The USS Nimitz is heading to the Middle East amid tensions between Israel and Iran. The U.S. aircraft carrier has a decades-long history in the region, from the 1979 hostage crisis to modern deployments, often serving as a key asset during periods of rising friction with Iran.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 17th, covering the latest developments you need to know.
A hot air balloon carrying 21 people caught fire and crashed Saturday in southern Brazil, killing eight and injuring at least 13 others, local authorities said.
Iranian President Masoud Pezeshkian said Saturday that nations' rights under international law “cannot be taken away through war and threats,” during a phone call with French President Emmanuel Macron.
A tornado ripped through a rural area of North Dakota late Friday, killing three people and leaving behind severe damage as storms lashed parts of the upper Midwest.
Afghanistan’s Taliban-led interim government has dismissed a recent United Nations report on the country’s security, human rights, and economic situation, calling it inaccurate and misleading.
Ukrainian President Volodymyr Zelenskyy says Russia handed over 21 bodies in a recent exchange—20 of them were Russian soldiers, and one a foreign mercenary.
A hot air balloon carrying 21 people caught fire and crashed Saturday in southern Brazil, killing eight and injuring at least 13 others, local authorities said.
Iranian President Masoud Pezeshkian said Saturday that nations' rights under international law “cannot be taken away through war and threats,” during a phone call with French President Emmanuel Macron.
A tornado ripped through a rural area of North Dakota late Friday, killing three people and leaving behind severe damage as storms lashed parts of the upper Midwest.
Afghanistan’s Taliban-led interim government has dismissed a recent United Nations report on the country’s security, human rights, and economic situation, calling it inaccurate and misleading.
Ukrainian President Volodymyr Zelenskyy says Russia handed over 21 bodies in a recent exchange—20 of them were Russian soldiers, and one a foreign mercenary.
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