Introduction
The ongoing Congressional budget cycle has come to a significant plateau with the recent passage of the FY24 Appropriations bill. Congressional leaders sent the consolidated measure to President Biden’s desk for his signature on March 23, 2024, only hours before a government shutdown would have gone into effect. Important for the Bretton Woods Committee, the funding bill included major resources and policy provisions related to the international financial institutions (IFIs). This note provides a brief summary of these provisions.
Overall, the bill provided $58.5 billion in spending for State and Foreign Operations. Of this, approximately four percent, or $2.3 billion, went toward IFIs. With a few exceptions, Congress generally met the Administration’s request, and the provided IFI funding exceeded FY23 levels. Both the House and Senate proposed budget bills that kept non-defense appropriations at the same dollar total as 2023 levels, a stipulation agreed to in the 2023 debt limit deal. Broadly, this meant significant cuts made to accommodate strictly necessary increases in funding for certain programs.
