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.
France is facing a severe heat wave forcing nearly 1,350 schools to shut fully or partially, nearly double from the previous day....
Europe’s new-generation weather satellite, Meteosat Third Generation-Sounder 1 (MTG-S1), was successfully launched into space from the U.S. Cape Can...
The U.S. Justice Department announced charges against two Chinese citizens accused of spying inside the U.S. on behalf of Beijing....
The United States has decided to halt some planned deliveries of air defence missiles and other munitions to Ukraine, citing concerns over dwindling A...
Poland will temporarily restore border checks with Germany and Lithuania starting 7 July, Prime Minister Donald Tusk announced Tuesday, citing the nee...
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 U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
Prices for goods made in China and sold on Amazon.com are rising at a pace faster than overall inflation, signaling the growing impact of U.S. tariffs on consumers, a new analysis by retail analytics firm DataWeave reveals.
U.S. Secretary of State Marco Rubio convened his counterparts from India, Japan, and Australia on Tuesday for a high-stakes meeting of the Indo-Pacific Quad, aiming to reaffirm the group's commitment to countering China’s influence in the region.
A U.S. federal judge on Tuesday rejected Huawei Technologies Co Ltd's request to dismiss the majority of charges in a sweeping indictment, allowing the Chinese telecoms giant to face trial over allegations of trade secret theft, bank fraud, and sanctions violations.
France is facing a severe heat wave forcing nearly 1,350 schools to shut fully or partially, nearly double from the previous day.
The U.S. Justice Department announced charges against two Chinese citizens accused of spying inside the U.S. on behalf of Beijing.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment