During a recent press conference, President Biden addressed Africa's request for the United States to increase its contribution to the World Bank's International Development Assistance. The President highlighted the longstanding support of the United States for international financial institutions that provide low-cost concessional resources to the poorest developing countries, including the IMF.
President Biden emphasized the administration's commitment to helping countries enhance their resilience by designing and establishing initiatives that offer low-cost funding. He mentioned working with Congress to allocate up to $21 billion in new lending resources to the IMF Trust Fund, which provides concessional lending to the poorest nations.
The President acknowledged the importance of addressing debt distress before focusing on growth, underscoring the need for robust financing and policy packages to assist vulnerable countries in meeting their investment needs. He expressed pride in the United States being the largest donor to the International Development Association (IDA) in the current cycle.
President Biden reiterated the significance of supporting African partners and other nations in need, emphasizing the role of international lending organizations in providing essential resources for growth. He concluded the press conference by reaffirming the commitment of the United States to working alongside countries like Kenya to facilitate economic development and address pressing challenges such as climate change.
The President's remarks underscored the administration's dedication to international cooperation and assistance, particularly in supporting developing countries in their efforts to overcome financial obstacles and achieve sustainable growth.
