The International Financial Institutions (IFI) Working Group welcomes the launch of the Congressional IFI Education Caucus, co-chaired by Reps. Dean Phillips [D-MN-3] and John Rutherford [R-FL-4]. The bipartisan Caucus will focus on educating Members of Congress and staff on the IFIs and the historic leadership role of the United States at the institutions.
Relying on the support of their member countries, the IFIs provide financial and technical assistance to developing countries with the aim of supporting economic growth and access to essential services. For many developing countries, the IFIs are the largest source of low-cost international financing and play a key role in funding countries’ development agendas. Further, the IFIs, including the International Monetary Fund (IMF), the World Bank, and regional multilateral development banks (MDBs), have mobilized unprecedented financial resources to support the response to the COVID-19 pandemic and resulting economic downturn.
“The International Financial Institutions are one of the most cost-effective and largest sources of development finance, leveraging every U.S. dollar with contributions from other donors and fundraising on the capital markets. The United States should utilize its unique leadership role at the IFIs and take a multilateral approach when addressing global challenges, including COVID-19, climate change, and hunger,” said Rep. Phillips.
“Development is an essential part of the U.S. foreign policy agenda, and the IFIs are the largest source of concessional lending to the world’s poorest countries. As one of the top shareholders at the World Bank, the IMF, and the regional MDBs, the U.S. should lead the institutions in supporting policies and programs that align with U.S. interests and counter the malign influence of undemocratic actors,” said Rep. Rutherford.