Introduction
In March 2023, as the Biden Administration released its Fiscal Year 2024 (FY24) budget request, the U.S. Department of the Treasury detailed its budget requests to fund U.S. participation in—and leadership of—international financial institutions (IFIs), including the International Monetary Fund (IMF); the World Bank and other multilateral development banks (MDBs); and other multilateral institutions and initiatives. The Administration’s budget request represents a commitment to sustaining the IFIs and their instrumental role in rebuilding and strengthening the world economy in response to global challenges.
Below, we outline the Biden Administration’s FY24 budget request for the IFIs and related multilateral initiatives, the corresponding funding amounts proposed by the Senate and House SFOPS Subcommittees in July, and, in the case of the World Bank and IMF, the Biden Administration’s request for FY23 supplemental appropriations. Each section also describes how the funding would be used if appropriated. This explainer does not speculate on what may be included in any stop-gap funding bills in lieu of full-year appropriations for FY24, but we remain hopeful that Congress will find a way to reach agreement on funding and authorizations for the international financial institutions before the end of the calendar year.
