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$52 Billion for IDA, the World Bank’s Fund for the Poorest
Donors have replenished the World Bank’s fund for the world’s poorest countries, the International Development Association, to the tune of $52 billion.
Head of Oxfam’s Washington office Nicolas Mombrial said:
"Global cuts to aid are costing lives, so the news that donors have made generous contributions to this fund for world’s poorest is very welcome news. These resources are crucial for financing health and education in poor countries.
The replenishment is a vote of confidence in World Bank president Jim Kim’s new strategy for ending extreme poverty by 2030. But going forward, the World Bank is going to have to turn this money into real results for people living in poverty.
Oxfam also welcomes the Bank’s announcement that it will focus more attention on fragile states, helping poor countries adapt to climate change, and gender equality.
To persuade donors to finance IDA, the World Bank agreed to accept loans from donors, rather than grants. Oxfam cautions that while this approach is acceptable in a context of economic crisis, it should be a temporary fix and not a permanent way of operating."
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