FY22 Omnibus Analysis

Amidst the backdrop of the Ukraine crisis and the ongoing global pandemic, the U.S. Congress has passed an omnibus spending bill for FY22 including annual funding for the International Financial Institutions (IFIs). The good news is that Biden Administration requests for the World Bank (IBRD and IDA) annual appropriations for FY22 were fully funded, and certain IMF support for low-income country funding. The African Development Bank and African Development Fund were also fully funded including paying down some AfDF arrears (unmet contributions). The Asian Development Fund was also fully funded including some arrears. The bad news is that Congress failed to secure key authorizations required to lend SDRs to the IMF, to provide a SEC registration exemption to IDA, and to fund the next replenishment of the Asian Development Fund. It also did not deliver on paying down arrears to IDA. Below we outline what was funded, what was not, and the implications for the IFIs.