Emma Ujah, Washington DC

The United States of America (USA) has made available $160 billion to the World Bank and the International Monetary Fund (IMF) with which to help poor countries and help build a more liveable world.

President Joe Biden disclosed this this afternoon in a message to the 2024 Annual Meetings of the two institutions, holding in Washington DC.

He said that the goal of building a stable, fair and prosperous world which led to the establishment of the two institutions, 80 years ago, remained relevant today.

Mr. Biden called on developed economies of the world to help poor countries as according to him, the world was at an infection point and that poor nations should not be denied investment in the future of their people by spending their revenues on debt servicing.

Biden’s full address

“Eighty years ago, our forebears came together to start the IMF and the World Bank. The goal was to create a most -stable, most-fair and most-prosperous world for everyone.

“Today we make further progress towards that call. We need to urgently evolve our institutions to respond to the challenges of our time. Accelerate the clean energy transformation, empowering workers and closing the infrastructure gap. Addressing pervasive non-market practices.

“Ensuring our institutions represent all the people we serve. We are already making important headway together. At the World Bank, we have unlocked over $140 billion in lending.

“At the IMF the United States has delivered over $20 billion in additional lending and together we have made sure African countries have more seats at the table.

“So my message today is very simple. Let’s keep it up. As we head in the G20 Summit next month, we all need to make a stronger commitment to the International Development Association and we need to help countries saddled with debt because nations shouldn’t choose between investing in the future or paying back their creditors.

“Let me close with this. Like 80 years ago, we stand at an infection point, where the decisions we make now will determine the course of our future for decades to come.

“Will we act with urgency and purpose to meet the moment? I believe there is only one answer. We can, we must and we will.”