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Views from the Center

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U.S. Congress Takes Critical Step to Unlock $1 Trillion for Developing Countries Coping with Crisis

The U.S. House and Senate passed the $105.9 billion war supplemental last week, which includes $5 billion to secure $108 billion in additional lending by the International Monetary Fund (IMF). Congress’s approval for increased IMF lending supports President Obama’s G20 commitments and paves the way to unlock the $1 trillion (mostly contributions from other high-income countries) for emerging and developing countries coping with the economic crisis.

Birdsall Tells Worried House Subcommittee Why U.S. Support to IMF Makes Sense

In testimony before the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade last week, CGD president Nancy Birdsall argued that support for the G-20 commitments to increase lending resources at the IMF is a critical part of ensuring U.S. recovery from the economic crisis and global prosperity and security. She was, however, confronted with a host of concerns about whether multilateral lending would go to governments like Iran, Sudan, and Syria, and with one member of Congress’s view that he “is a citizen of the United States, not the world.”

At The G-20 Summit, Nothing for Africa

Five years after Africa was centerstage at a meeting of the G7 heads of state in Gleneagles, it has all but vanished from the priorities of policymakers from the rich and emerging economies. At the G20 Summit in London this week, heads of state will debate new resources for the IMF, in the range of $250 billion. But these resources will likely be deposited in the New Arrangements to Borrow (NAB) facility, which will be far too expensive and out of reach of most African countries.

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