US President Joe Biden on Tuesday pledged a $4 billion contribution to the World Bank's fund for the globe's poorest countries, as he seeks to shore up America's commitment to multilateral institutions before president-elect Donald Trump assumes power.
The contribution will support the International Development Association, which supplements the World Bank's main lending arm. Pakistan and Bangladesh were the top two IDA borrowers in the last fiscal year, while countries in sub-Saharan Africa received about 75 per cent of IDA's financing during that time frame.
Mr Biden made the pledge during the G-20 summit in Brazil as part of his efforts to future-proof alliances and his climate legacy before Mr Trump begins his second presidential term.
“President Biden has heard loud and clear the calls from developing countries for more concessional financing and a strong IDA replenishment in December,” the White House said.
The pledge is subject to congressional approval.
Mr Trump's return to power poses serious questions for the International Monetary Fund and World Bank. The two Washington-based institutions receive the bulk of their funding from the US, which is used to support lower-income countries and climate-related issues.
Heightening these anxieties is Project 2025, a playbook designed by a conservative think tank in Washington. The group wants it introduced when Mr Trump takes office. The manual consists of several isolationist plans and argues the US should withdraw from and stop financing the World Bank and IMF.
“International organisations such as … the World Bank, and the International Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles,” according to Project 2025.
Mr Trump distanced himself from Project 2025 during the presidential campaign, but now named multiple people associated with the paper to top posts in his administration.
Mr Trump has also recently nominated fracking executive Chris Wright, a climate sceptic, to lead the Department of Energy.
The nomination came days after World Bank President Ajay Banga and IMF managing director Kristalina Georgieva said they would continue to work with Mr Trump to support lower-income countries impacted by climate change.
During a panel at the Cop29 climate summit in Azerbaijan, Ms Georgieva said she remained confident that the private sector would continue investing in green technologies. Meanwhile, Mr Banga said the World Bank would engage with Mr Trump.
Mr Trump will probably withdraw the US from the Paris Climate Accord for a second time and has vowed to secure any unspent funds from Mr Biden's Inflation Reduction Act, a climate law to push the US towards reducing its carbon emissions.
Last week, in Azerbaijan, White House climate adviser Ali Zaidi said that the Biden administration would be using the remainder of its term to reassure its allies that Mr Trump would be unable to stop the transition to green initiatives.
Tuesday's pledge exceeds the $3.5 billion in funding the US committed in December 2021.
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Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
