Introduction
Amidst a historic global crisis, the Biden Administration’s first budget request reflects its commitment to U.S. global leadership and multilateralism. According to the World Bank, the coronavirus crisis, which shows no signs of abating in the developing world, threatens to push 150 million people into extreme poverty by the end of 2021 and reverse decades of developmental progress. For many developing economies, the International Financial Institutions (IFIs) like the International Monetary Fund (IMF) and World Bank are a critical lifeline, providing invaluable resources and support. The Administration’s budget request constitutes a vital commitment to these institutions and their essential role in rebuilding the world economy.
The budget request includes $63.7 billion for the International Affairs Budget, an 11% increase compared to the FY21 enacted level. Of that, $3.3 billion is requested for Treasury International Programs, a $1.4 billion or 73% increase from the FY21 enacted level. Much of the requested increase in Treasury International Programs is to support the International Financial Institutions. Below, we outline what has been requested for the IFIs and related multilateral initiatives and describe how the money would be spent if appropriated.
