The World Bank faces a “challenging” task of raising a record amount of new money to help the most impoverished nations, according to a top official from the development lender.
Akihiko Nishio, vice-president of development finance, said a strong US dollar is one key factor, as are the competing funding demands on donors, including aid to support Ukraine, refugees and those impacted by higher food prices.
The last high of $93 billion was raised in the most-recent donor round, which ended in 2021. Nishio said the IDA would need to mobilize at least $105 billion just to maintain the size of replenishment in real-dollar terms. “The United States is working its way through what it’s contribution will be, and I’m reasonably optimistic it will be a good number,” he said.
As well, the world’s 26 poorest economies are “deeper in debt than at any time since 2006,” the fund said in the report.
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