In order to combat poverty and promote a more sustainable global economy, the United States has committed $160 billion in funding to the World Bank and the International Monetary Fund (IMF).

During the 2024 IMF and World Bank Annual Meetings in Washington, D.C., President Joe Biden made this pledge.

Biden underlined the need of tackling contemporary issues while highlighting the IMF and World Bank’s longstanding purpose, which was established 80 years ago to advance global stability, justice, and prosperity. Noting that these countries shouldn’t have to forgo future progress in order to pay off debt, he urged affluent nations to assist poorer nations.

Important Takeaways from Biden’s Speech:

Funding for Development: With a focus on climate change and sustainable development, the United States has obtained more than $140 billion in World Bank loans and an extra $20 billion through the IMF.

Promoting Equity: Biden highlighted initiatives to boost the IMF’s representation of African countries, guaranteeing wider international involvement.

Debt Relief: Rather than focussing only on debt repayment, the President emphasised the value of assisting highly indebted nations so they may invest in workers, renewable energy, and infrastructure.

Biden stressed the need for immediate action to create a secure and inclusive future as world leaders get ready for the next G20 Summit and called for a renewed commitment to the International Development Association.

He concluded by reminding everyone of the “inflection point” that the globe is at, where actions made today will have a lasting impact on the planet for decades to come.