Ireland to give 141 million euros to World Bank fund for poorest countries
FILE PHOTO: The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File Photo
WASHINGTON - Ireland will contribute about 141.4 million euros ($161 million)to the World Bank's latest replenishment of its fund for the poorest countries, a 33.5% increase over the country's previous contribution, Finance Minister Paschal Donohoe said on Thursday.
The money will go to the International Development Association, which provides a lifeline for the poorest nations' struggles against crushing debts, climate disasters, inflation and conflict, as part of its latest replenishing round.
"Ireland has been a long-time supporter of the work of the World Bank and this contribution will further Ireland's international development goals which focus on achieving the U.N. Sustainable Development Goals," Donohoe said in a statement during the International Monetary Fund and World Bank spring meetings in Washington.
The replenishment of IDA, which happens every three years, has come into focus at this week's meetings as U.S. President Donald Trump's administration seeks to reset its relationship with the Bretton Woods institutions such as the IMF and the World Bank.
In December, the World Bank had announced donor pledges to IDA had hit a record $100 billion - including a $4 billion contribution made last year by former U.S. President Joe Biden's administration.
However, it is unclear whether the Trump administration will follow through on this pledge.
Speaking on the sidelines of the IMF and World Bank meetings, U.S. Treasury Secretary Scott Bessent said no decision has been made and that it will depend on U.S. budget negotiations and the World Bank's progress in improving its focus on development outcomes.
Some European countries also have trimmed their pledges amid a global trend that has seen governments focus spending on defence and domestic projects and away from development aid.
World Bank President Ajay Banga said last week that if the U.S. were to not follow through and some European countries cut back, the latest funding round could be reduced to between $80 billion and $85 billion.
"In light of the current international landscape, geo-political tensions, and decisions by others in respect of commitments to Official Development Assistance, it is now more important than ever that we step up and make a contribution where we can," Ireland's Donohoe said. REUTERS
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