Development Institutions Prepare for ‘a World Without the US'
The Trump administration's suspension of large parts of the US aid budget and its exit from global climate and health pacts has thrown the world's development finance institutions into disarray — now they're preparing to press ahead without the world's biggest economy.
The US government and its branches have been largely absent from the Finance in Common Summit, an annual gathering of public development banks with $23 trillion in assets known as FICS that this year took place alongside a meeting of the finance ministers of the Group of 20 large economies in Cape Town. That comes as the country's secretaries of State and Treasury skipped the G-20 gatherings this month in South Africa amid a broader withdrawal of US global leadership.
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