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.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
The Centers for Disease Control and Prevention (CDC) confirmed Friday that COVID-19 vaccines are still recommended for healthy children aged 6 months and older—if their doctors agree.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
The Federal Aviation Administration has ordered an accident investigation into SpaceX’s latest Starship test flight, which ended with the spacecraft spinning out of control and breaking apart over the Indian Ocean.
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
The Federal Aviation Administration has ordered an accident investigation into SpaceX’s latest Starship test flight, which ended with the spacecraft spinning out of control and breaking apart over the Indian Ocean.
Czech Justice Minister Pavel Blažek resigned Friday after opposition parties called for his removal over a controversy involving bitcoins donated to the Ministry of Justice.
In a landmark moment for artists’ rights, Taylor Swift has officially bought back the master recordings of her first six albums, ending a long-running dispute over who controls her music.
The Centers for Disease Control and Prevention (CDC) confirmed Friday that COVID-19 vaccines are still recommended for healthy children aged 6 months and older—if their doctors agree.
A 61-year-old man in Alaska rescued after being trapped facedown under a massive 700-pound boulder in a freezing glacier-fed creek for three hours.
Two foreign nationals were indicted Friday in California and Wisconsin for allegedly trying to smuggle sensitive U.S. military technology to China and target an American dissident critical of Beijing.
The Federal Aviation Administration has ordered an accident investigation into SpaceX’s latest Starship test flight, which ended with the spacecraft spinning out of control and breaking apart over the Indian Ocean.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment