Biden Pledges Record $4 Billion to World Bank Fund for Poorest Countries

• U.S. President Joe Biden pledged a $4.0Bn U.S. contribution to the World Bank's International Development Association fund for the world's poorest countries, two sources with knowledge of the commitment said on Monday.
• Biden announced the U.S. pledge during a closed session of the Group of 20 summit in Rio de Janeiro, according to sources who spoke on condition of anonymity. The amount is a record, substantially exceeding the $3.5Bn Washington committed during the previous IDA fund replenishment round in December 2021.
• A White House spokesperson in Washington declined to comment on the World Bank's IDA replenishment.
• It is unclear if U.S. President-elect 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 sought 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.

Source: (Reuters)