\n
Washington, DC (USA), GNA \u2013 Spain has announced an early financial commitment of \u20ac400 million to the World Bank\u2019s fund for low-income countries, International Development Association (IDA).\u00a0<\/p>\n
The increase compared to the previous IDA replenishment cycle, brings Spain\u2019s total contribution to over \u20ac5 billion since IDA\u2019s creation.\u00a0<\/p>\n
The announcement was made on the sidelines of the World Bank Group (WBG)\/International Monetary Fund (IMF) Annual Meetings and comes weeks ahead of the final 21st\u202freplenishment (IDA21) meeting in December.\u00a0<\/p>\n
It comes at a time of multiple crises, including high debts and repayment challenges, which are taking a disproportionate toll, particularly on low-income countries.\u00a0<\/p>\n
A new World Bank\u202freport\u202fshows, the world\u2019s 26 poorest countries are more in debt than at any time since 2006, with an increasing vulnerability to natural disasters and other shocks.\u00a0<\/p>\n
At the announcement of the financial commitment, Mr Carlos Cuerpo, Spain\u2019s Minister of Economy, Trade and Business, expressed the hope of other countries doing the same to bolster much-needed financing to fight poverty and inequality.\u00a0\u00a0<\/p>\n
\u201cThis commitment exemplifies Spain\u2019s resolve and dedication to achieving the Sustainable Development Goals, and our belief in IDA\u2019s ability to move the needle.\u201d\u00a0<\/p>\n
Mr Cuerpo has urged other developed countries to adopt similar pause clauses ahead of the\u202fUnited Nations\u2019 fourth International Financing for Development Conference\u202fnext year in Seville, Spain.\u00a0<\/p>\n
\u201cIDA is a critical partner for the countries most in need, wielding powerful weapons against poverty: affordable financing and development knowledge,\u201d\u202fsaid World Bank Group President Ajay Banga.\u00a0<\/p>\n
He stated that Spain\u2019s commitment would help IDA continue its work to engender stability, security, investment opportunities, trading potential, and jobs.\u00a0<\/p>\n
In an effort to free up resources to vulnerable economies, Spain added contingency clauses to its official loans earlier this year, enabling them to pause debt service payments in cases of natural disasters, food or health crises.\u00a0<\/p>\n
The year-long IDA21 replenishment process culminates in December with a final pledging meeting in Seoul.\u00a0<\/p>\n
The most recent replenishment, IDA20, yielded a $93 billion package to finance projects that boost economic growth, build resilience, and improve lives in developing countries.\u00a0<\/p>\n
GNA\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Washington, DC (USA), GNA \u2013 Spain has announced an early financial commitment of \u20ac400 million to the World Bank\u2019s fund for low-income countries, International Development Association (IDA).\u00a0 The increase compared to the previous IDA replenishment cycle, brings Spain\u2019s total contribution to over \u20ac5 billion since IDA\u2019s creation.\u00a0 The announcement was made on the sidelines of […]<\/p>\n","protected":false},"author":1,"featured_media":239315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-239314","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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