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.
