In July 2017, the Appropriations Committee of U.S. House of Representatives passed a State and Foreign Operations budget bill with a near 50% cut to funding for the International Development Association (IDA), the World Bank’s Fund for the poorest. The House Financial Services Committee also passed the World Bank Accountability Act, which authorizes the President’s three-year request for IDA funding ($3.291 billion) but also ties a set of reform conditions that could withhold up to 30% of IDA funding if not met by the World Bank.
The Committee is pleased to report that on September 6 the Senate Appropriations Committee passed a budget bill fulfilling the President’s IDA request of $1.1 billion for Fiscal Year (FY) 2018. While the budget process is not over, this is a big step toward securing U.S. funding for IDA in FY2018 near the pledged level.
What to Look For Going Forward:
Congress recently passed a three-month Continuing Resolution that will fund the government through the end of December, which could likely push the IDA18 funding decision to later in the year. The Bretton Woods Committee will continue to closely follow and update our members on budget negotiations, advocate for the President’s IDA18 funding request, and serve as a resource to Congress on this issue.
What The Bretton Woods Committee Did To Help Get Here:
Through multiple channels, the Bretton Woods Committee has demonstrated that it is in the United States’ national interest to fully fund IDA18.
The Committee sent a to Congressional Appropriators and Authorizers making the case that IDA funding contributes to U.S. national security interests, enhances U.S. global leadership, and provides the highest development impact for the cost.
In August, the Bretton Woods Committee’s Legislative Task Force met with the staffs of key members of Congress to make the case for a fully funded IDA18. Our team met with the offices of IDA18 authorizers and appropriators:
A special thank you to the Legislative Task Force members:
Thank you to Bretton Woods Committee members and friends who supported IDA18 through our social media campaign #IsupportIDA, by calling your members of Congress, through op-eds, and by graciously giving your time for meetings on the Hill. We will continue to provide updates as the legislative process progresses.