World Bank Hopes China Would Increase Donations

World Bank President David Malpass said that he is hoping that China would boost its donations to the International Development Association (IDA) fund for the world’s poorest countries.

In a meeting with the Bretton Woods Committee, a U.S.-based supporter group for major development banks, Malpass said that he was reaching out to China and other major donors to the IDA fund as the World Bank seeks to raise $100 billion by the end of the year.

Malpass argued that the second-largest economy could afford to boost its donation which previously amounted to $1.2 billion. China was recently the top sixth contributor to the IDA, with the United Kingdom and Japan donating the most.

The World Bank is also seeking U.S. congressional exemption for the fund, Malpass said, similar to those of the Asian Development Bank and similar institutions that allow them to issue securities on U.S. capital markets.

Malpass said on Oct. 11 that the World Bank increased its target fund for the IDA to $100 billion due to “tragic reversals in development” caused by the pandemic toward the poorest countries.

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