Trump seeks $3.2 billion for World Bank’s fund for poorest countries

Former President Joe Biden had promised to give $4 billion to the IDA, but that money hasn’t been sent yet. While Trump’s proposed amount is smaller, sources told Reuters it will still help the World Bank get closer to its target of raising $100 billion by combining donations from several countries.

The final decision now lies with the US Congress. When asked whether the Trump administration would honour Biden’s earlier pledge, Treasury Secretary Scott Bessent told Reuters the final figure would be part of the budget plan. He added, “A lot depends on whether World Bank President Ajay Banga and the IMF leadership get back to basics.”

Trump’s new budget plan, announced on Friday, also proposes a $49 billion cut in foreign aid. A senior official from the Office of Management and Budget told reporters that funds for the African Development Bank and the African Development Fund would be cut by $555 million. These institutions, the documents said, were “not currently aligned to Administration priorities.”

However, the budget still includes the $3.2 billion for IDA. Reuters reported that the administration urged other countries and organisations to contribute more. The budget document stated, “This fulfils the President’s promise to no longer dole out foreign aid dollars with no return on investment for the American people.”

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