World Bank: US No Longer Top Donor
Yesterday, the World Bank reported that the
What does it mean to the
A total of 45 donor countries, the highest number ever, promised a record total of $25.1bn at the
“The donor community has demonstrated its full commitment to helping countries overcome poverty and achieve sustainable growth, especially in
However, contributions by some other countries also appear inflated when calculated in the US currency—which is running currently on a weakening dollar—and the talks were also complicated by slowing economic growth in rich nations. In the meantime, the bank’s mission is widening, with governments demanding more help in developing sophisticated economies and markets.
The US, despite having an economy six times as big as Britain’s, has been keen to hold on to its number one spot as the bank’s largest donor but has also been struggling in recent times with stretched budgets caused by wars in Iraq and Afghanistan.