WASHINGTON: United States President Joe Biden pledged a $4 billion contribution to the World Bank’s International Development Association (IDA) fund, aimed at aiding the world’s poorest countries.

Biden announced the US pledge during a closed session of the Group of 20 summit in Rio de Janeiro, according to the sources, who spoke on condition of anonymity. The amount 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 whether 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 US spending through a new government efficiency panel.

An appropriation by the US 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.

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Web Desk

Aamir Khan, with a knack for economics and business news, is currently working at Azaad English.

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