Member Nations Back $13B Increase For World Bank At Spring Meetings
Devex: 5 takeaways from the World Bank Spring Meetings
“…After months of negotiations — including with a skeptical Trump administration — [World Bank President Jim Yong Kim on Saturday] was able to announce a $13 billion capital increase that will allow the bank to lend more money and finance more projects. … The meetings also showcased efforts to drive investment in health and education, and to harness technological disruption for economic benefits in developing countries. Here are five Devex takeaways from the 2018 World Bank and International Monetary Fund Spring Meetings…” (Igoe/Edwards, 4/23).
The Times: Penny Mordaunt welcomes China’s shift to being aid donor
“The international development secretary has welcomed the start of China’s transition from aid recipient to aid donor. As Britain committed an extra $547 million to the World Bank, Penny Mordaunt hailed a move by member nations to inject $13 billion into the World Bank alongside a change in its power structure as a ‘dramatic shift’ in the aid landscape and a victory for Britain’s development goals. China’s share of aid funding will fall as more is directed to poorer countries…” (Aldrick, 4/23).
Wall Street Journal: White House Sets Aside Skepticism, Backs Funding Increase for World Bank
“The Trump administration is backing a $13 billion increase in funding for the World Bank, putting aside its skepticism of the big government-backed institutions that manage the global economy, in part because it wants the World Bank as a counterweight to China’s growing international influence. The change, which will allow the bank to increase lending to poor-country clients, comes after what European and other officials described as difficult negotiations over tough terms demanded by the U.S. One official described the agreement as ‘touch and go,’ and many doubted it would happen…” (Zumbrun/Fidler, 4/21).