President Biden Discusses Making $21 Billion In New Lending Resources Available To The IMF

7 months ago

At a press briefing on Thursday with Kenyan President William Ruto, President Biden was asked about helping developing countries.

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Transcript

00:00 Let me ask Nancy Agutu from Kenya.

00:10 She's here.

00:11 Okay, Nancy.

00:12 President, Africa is asking America to lead the way and double its contribution to the

00:13 World Bank's international development assistance to help developing countries access more financing

00:14 to alleviate debt distress and to tackle climate change.

00:15 What is your commitment on this?

00:16 Thank you.

00:32 I'm sorry, I didn't catch all your question.

00:35 Sorry.

00:36 I'm saying Africa is asking America to lead the way and double its contribution to the

00:41 World Bank's international development assistance to help developing countries access more financing

00:48 to alleviate debt distress and to tackle climate change.

00:52 What is your commitment on this?

00:54 We made a major commitment to this.

00:56 Number one, as I said, the United States has long championed international financial institutions

01:02 that provide low-cost concessional resources to poorest developing countries, including

01:08 from the IMF.

01:09 To that end, my administration helped design and establish the IMF's new initiative that

01:14 provides low-cost funding for countries that are taking steps to enhance their resilience.

01:20 Important partners in Africa have the capital they need to invest in their futures.

01:28 We heard them and we stand with them.

01:30 Now, that's why we've worked with Congress to enable the United States to make available

01:35 in the coming weeks up to $21 billion in new lending resources to the IMF trust fund that

01:41 provides concessional lending to the poorest countries.

01:44 It's a little like, you know, having to go when you're in debt, having to go and find

01:49 someone to help you out.

01:50 That's what this is about.

01:52 We believe supporting friends in this partnership is happy -- we're happy to do our part.

01:58 And look, we've also doubled our commitment to the IDA.

02:04 And I'm proud the United States is the biggest donor of the IDA in this cycle.

02:08 I'm proud to be working with -- alongside Kenya to support robust financing and policy

02:14 packages that are going to help the most vulnerable countries address their investment needs.

02:19 There's debt and there's growth.

02:21 And you can't -- you got to deal with the debt before you deal with the growth.

02:25 And so we're trying to use international lending organizations to be able to provide that capability

02:32 so people can grow.

02:33 That's what it's about.

02:34 [BLANK_AUDIO]

President Biden Discusses Making $21 Billion In New Lending Resources Available To The IMF

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