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.
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
India squads
Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.
T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.
ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
Company%20Profile
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The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
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Transmission: 8-speed automatic
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Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
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