Biden pledges record $4B to World Bank fund for poorest countries

US President Joe Biden pledged a $4 billion US contribution to the World Bank's International Development Association fund for the world's poorest countries, a senior Biden administration official said on Monday, Report informs via Reuters.

Biden announced the three-year US pledge during a closed session of the Group of 20 summit in Rio de Janeiro, the official told reporters, adding that the US Treasury was leading negotiations at the World Bank for the IDA replenishment.

The new US pledge 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 if US President-elect 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.