Treasury International Programs

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Table of Contents

U.S. Department of the Treasury

International Programs

Congressional Justification for Appropriations

FY 2023

FY 2023 Executive Summary ............................................................................................................... 2

Multilateral Development Banks.......................................................................................................10

World Bank Group...............................................................................................................................12

International Bank for Reconstruction and Development.................................................................. 12

International Development Association...................................................................................................... 17

African Development Bank Group ...................................................................................................21

African Development Bank ............................................................................................................................... 21

African Development Fund ............................................................................................................................... 25

Asian Development Bank ....................................................................................................................29

Asian Development Fund................................................................................................................................... 29

International Monetary Fund ............................................................................................................33

IMF Facilities and Trust Funds ........................................................................................................................ 33

Climate Change and Environment....................................................................................................37

Green Climate Fund.............................................................................................................................................. 37

Climate Investment Funds – Clean Technology Fund ........................................................................... 41

Global Environment Facility............................................................................................................................. 44

Food Security .........................................................................................................................................47

International Fund for Agricultural Development.................................................................................. 47

Technical Assistance.............................................................................................................................50

Office of Technical Assistance.......................................................................................................................... 50

Debt Restructuring Programs............................................................................................................53

DSSI and Common Framework and Paris Club ........................................................................................ 53

Tropical Forest and Coral Reef Conservation Act ................................................................................... 54

Annex 1: MDB Basics...........................................................................................................................56

Annex 2: FY 2023 Appropriations Language and Authorization Requests............................61
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FY 2023 Executive Summary

The Administration’s FY 2023 Budget requests $4.375 billion for the Treasury Department’s

International Programs. This request is a critical component of the Biden-Harris 

Administration’s approach for restoring American global standing and leadership through our 

allies and multilateral institutions, including the international financial institutions (IFIs), and 

will help the United States confront many of the global challenges that we face. These 

challenges include confronting the existential threat of climate change, continued response to the 

COVID-19 pandemic, and fully restoring global economic growth and pre-pandemic progress in 

reducing poverty. It is particularly imperative that we scale up our efforts to support low-carbon, 

sustainable, inclusive, and resilient economic development for the wellbeing and economic 

security of Americans and people around the world. The Russian invasion of Ukraine further 

reinforces the need for a strong U.S.-supported development finance system. The large number 

of refugees and spillover impacts of the war on energy markets, food prices, trade, and 

remittances will require a robust and well-resourced response.

Treasury’s International Programs, particularly U.S. contributions to multilateral development 

banks (MDBs), provide important financing, policy and technical support for quality 

infrastructure investment, climate change adaptation and mitigation, public health, digital 

development, and gender equality, which are essential to delivering on the goals of the Build 

Back Better World (B3W) initiative. They also contribute to enhancing equity and fostering the 

inclusion of disadvantaged and marginalized people in developing countries that have not 

adequately shared the benefits of development.

The institutions and programs supported by this request are a cost-effective way for the United 

States to advance its geostrategic interests and to deliver results on the ground across a range of 

issues that are critical to the Biden-Harris Administration’s objective to promote a foreign policy 

for the middle class. The International Monetary Fund (IMF) supports international 

macroeconomic and financial stability. The World Bank, the preeminent development 

institution, regional development banks, multilateral funds, and Treasury’s bilateral technical 

assistance program support economic development, reducing global poverty and inequality,

addressing climate change, as well as infrastructure investment, food security, and social and 

economic inclusion. Through its engagement with multilateral institutions and through bilateral 

technical assistance, Treasury helps developing countries attract and sustain private investment 

for clean and sustainable infrastructure that will increase prosperity. Further, these institutions

and programs reflect and promote American values related to good governance, transparency, 

and sound debt management.

Supporting economic prosperity overseas also bolsters economic dynamism and prosperity at 

home by expanding markets for U.S. exports, which creates jobs for the U.S. middle class and 

protects the stability of the American economy. Treasury International Programs also safeguard

and improve the wellbeing of the American people in other ways. For example, U.S. 

contributions to climate change and environment funds not only help protect the global climate,

but they also reduce harmful chemicals in the air that Americans breathe and in the water they 

drink. They also sustain the availability of food and natural resources from overseas on which 

Americans depend. 
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Treasury International Programs play a critical role in achieving the President’s historic climate 

finance pledge, and account for a significant portion of the over $11 billion included in the 

Budget for international climate change finance in FY 2023. The Administration is requesting 

$2.315 billion in appropriations for Treasury climate change and environmental funds and 

programs1

. This includes $1.6 billion for the Green Climate Fund (GCF), as well as requests for 

the Climate Investment Funds (CIFs) Clean Technology Fund (CTF), the Global Environment 

Facility (GEF), and the Tropical Forest and Coral Reef Conservation Act (TFCCA). Including

the proposed loan to the CTF2, Treasury International Programs will support approximately 

$4.513 billion in international climate finance. These programs will accelerate progress toward 

meeting the goals of the Paris Agreement by assisting developing countries in reducing 

greenhouse gas emissions, adapting to climate change and building resilience, and investing in 

sustainable infrastructure. These programs will also invest in forest conservation and other 

nature-based solutions, which simultaneously support developing country climate change efforts

and broader environmental goals. 

Our contributions to the MDBs are also critical to support U.S. climate change goals as they are 

the among the largest and most efficient financiers of systemic change to address climate change. 

In 2019, the OECD estimates that multilateral development banks contributed over $42 billion or 

53 percent of the total amount of climate finance investments that developed countries mobilized 

for developing countries. In addition, the MDBs are vital partners to help countries achieve the 

Sustainable Development Goals (SDGs), including investments in access to clean energy, 

education, health, clean water and sanitation, infrastructure, and decent work

The FY 2023 budget also seeks funding and necessary authorization to lend up to $21 billion to

IMF facilities and trust funds, including to the IMF’s concessional facility, the Poverty 

Reduction and Growth Trust (PRGT), and the new Resilience and Sustainability Trust (RST). 

The IMF is the premier international institution for promoting and sustaining global financial 

stability, which is critical for sustained growth and increasing living standards, both at home and 

overseas. The IMF’s role is especially important as vulnerable countries grapple with the 

ongoing shock of COVID-19 and spillovers from Russia’s further invasion of Ukraine. The 

PRGT provides highly concessional financing to the world’s poorest countries to support 

macroeconomic stability and sustain their ability to expand health and social sector spending as 

they continue to recover from the COVID-19 pandemic. The proposed Resilience and 

Sustainability Trust (RST) will provide longer-term, concessional financing alongside fullfledged IMF programs to support countries undertaking structural reforms to boost resilience to 

pandemics and transition to more sustainable energy sources. 

These contributions will strengthen the United States’ ability to lead within the IFIs to promote 

more inclusive and sustainable development pathways, to increase the allocation of financing to 

1 Of this total, the $2.293 billion is considered to be climate finance. Because the Global Environment Facility 

(GEF) supports multiple environmental goals, only 85 percent of GEF funding ($127.67 million) is included in the 

climate finance totals.

2 The Administration requests $550 million for the CTF in FY 2023, of which $520 million will subsidize a loan to 

the CTF. Based on current assumptions, the Administration estimates that this will support a loan of approximately 

$3.22 billion. 
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the world’s poorest and most fragile countries, and to continue to deliver on key reforms aimed 

at improving governance, effectiveness, and financial discipline. Proposed contributions to the 

IFIs will also sustain their relevance to developing countries that are facing higher demands for 

lending and investment for COVID-19-recovery, energy transition, resilience to the changing 

climate and other priorities, including response to energy and food price increases and other 

spillover effects from Russia’s further invasion of Ukraine. Absent a strong MDB system, 

developing countries will increasingly turn to other alternatives, including to non-transparent

sources of development finance.

Treasury’s Office of Technical Assistance provides finance ministries, central banks, and other 

government institutions specialized expertise, including through embedded advisors, to enhance 

domestic revenue mobilization, improve financial regulation, and combat financial crimes. In so 

doing, it helps create conditions for private sector led growth, including increased private sector 

investment in infrastructure, thereby supporting the B3W initiative. And Treasury debt relief 

and restructuring programs help developing countries to achieve fiscal sustainability and create 

fiscal space for investments in infrastructure, public health, pandemic recovery, and 

environmental protection and conservation. 

Multilateral Development Banks 

The FY 2023 Budget requests $1.906 billion for the MDBs. The MDBs play key roles in the 

effort to reduce poverty, increase economic growth, foster economic and social inclusion,

develop high-quality infrastructure, and fight climate change. This advances U.S. foreign policy 

objectives of sustaining peace and stability, promoting security, and protecting the global 

environment. Specifically, the MDBs are key to achieving the Administration’s B3W goals. 

They engage in policy dialogue; mobilize private finance; support the implementation of high 

technical, environmental, social and governance standards; promote innovation; and provide 

finance to low and middle income countries for low-carbon and resilient infrastructure 

development.

Annually, the MDBs invest approximately $35 billion in quality infrastructure and support 

developing countries in mobilizing billions more in private capital. Collectively, the MDBs are 

the largest contributors towards achieving the goal for developing countries to mobilize $100 

billion goal for climate mitigation and adaptation in developing countries annually.

3

 The MDBs 

have also played a leading role in the global response to the COVID-19 pandemic. Since the 

start of the pandemic, they have provided nearly $127 billion to address the health and economic 

impacts of the pandemic, and they continue to have a strong role in the financing and 

deployment of vaccines and efforts for pandemic preparedness and response.

The MDBs are among the most effective and efficient means through which the United States 

can support developing countries in reducing their greenhouse gas emissions, adapting to the 

impacts of climate change, and building resilience. The MDBs have also been strong partners in 

3 In 2019, the OECD estimates that multilateral institutions provided and mobilized over $42 billion or 53 percent of 

the total amount of investments attributed to developed countries for for developing countries for climate change 

mitigation and adaptation.
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promoting a positive development agenda for disadvantaged, marginalized or vulnerable groups

and lifting women’s access to equal political, social and economic opportunities. 

Financing through multilateral institutions brings significant advantages to the United States, and 

is an effective way to stretch limited development dollars. Specifically, U.S. taxpayer 

contributions to the MDBs catalyze contributions from other shareholders, MDBs’ internallygenerated resources, and funding from capital markets to significantly amplify the assistance 

levels the MDBs provide to developing countries. MDBs also offer a wide range of instruments, 

including grants, loans, guarantees and equity, insurance and knowledge products. This array of 

instruments can make it easier to help de-risk the private sector to come in on U.S. priorities for 

development in emerging markets. The increased support the Administration requests for the 

MDBs is critical for enabling the United States to reestablish its leadership on these issues. 

Treasury’s requests for the MDBs include:

International Bank for Reconstruction and Development (IBRD): an appropriation of $206.5 

million towards the fourth of up to six installments to subscribe to the U.S. share of the paid-in 

portion of the IBRD general and selective capital increases. The FY 2023 Budget also requests a 

program limitation to allow the United States to subscribe to $1.421 billion in callable capital.

International Development Association (IDA): $1.430 billion in support of IDA programs over 

the nineteenth and twentieth replenishment periods4

, including towards the first installment to 

the twentieth replenishment (IDA-20). The Administration also requests authorization for the 

United States to subscribe to the IDA-20 replenishment in the amount of $3.5 billion. This 

request is included in the General Provisions found in the Department of State and Other 

International Programs chapter of the FY 2023 President’s Budget Appendix. 

African Development Bank (AfDB): an appropriation of $54.6 million for the third of eight 

installments to subscribe to the U.S. share of the paid-in portion of the seventh general capital 

increase. The FY 2023 Budget also requests a program limitation to allow the United States to 

subscribe to $856,174,624 in callable capital.

African Development Fund (AfDF): $171.3 million in support of AfDF programs over the 

fifteenth replenishment period (AfDF-15; AfDB FY 2020 – FY 2022), including towards a third

installment to AfDF-15. 

Asian Development Fund (AsDF): $43.6 million in support of AsDF programs over the twelfth 

replenishment period (AsDF-13; FY 2022 – FY 2025). The Administration also requests 

authorization to subscribe to the AsDF-13 replenishment in the amount of $174.44 million. This 

request is included in the General Provisions found in the Department of State and Other 

International Programs chapter of the FY 2023 President’s Budget Appendix. 

4 As noted in the section on IDA, IDA donors and management decided to accelerate the IDA-20 replenishment 

period by one year. Consequently, this shortened the IDA-19 replenishment period by one year, covering World 

Bank Fiscal Years (WB FY) 2021 through 2022. The IDA-19 pay-in period remains FY 2021 – FY 2023. The IDA20 replenishment period is WB FY 2023 – FY 2025.
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International Monetary Fund – IMF Facilities and Trust Funds

The FY 2023 Budget requests a total of $20 million and the necessary authorization to enable the 

United States to lend up to $21 billion in resources from Treasury’s Exchange Stabilization Fund 

(ESF) to the RST and to the PRGT, the IMF’s concessional lending facility for low-income 

countries (LICs). The specific division of lending between the RST and PRGT is yet to be 

determined. 

Climate Change and Environment 

Green Climate Fund (GCF): The FY 2023 Budget requests $1.6 billion total for a contribution to

the GCF. Established in 2010, the GCF seeks to foster climate-resilient development and zeroemission investment by funding activities across a variety of sectors, including transport; water 

and other infrastructure; energy generation and efficiency; and land use, including agriculture 

and forestry. It uses a range of financial instruments to support high impact projects and 

programs, mobilize private sector capital, and foster stronger policy environments that better 

address the challenges of a changing climate.

Clean Technology Fund (CTF): The FY 2023 Budget requests $550 million for a contribution to 

the CTF for the Accelerating Coal Transition (ACT) Investment program, which aims to support 

developing countries’ transition away from coal. The ACT program complements the United 

States’ bilateral efforts to promote a just energy transition in targeted countries. The

Administration intends to use $520 million for the subsidy cost of a loan with an estimated value 

of approximately $3.22 billion. The Administration will use $30 million as a grant to support

administrative costs of the loan.

Global Environment Facility (GEF): The FY 2023 Budget requests $150.2 million to support a 

first installment to the GEF’s eighth replenishment (GEF-8). Established in 1991, the GEF is a 

multilateral trust fund that provides mainly grant-based funding to assist developing and 

transitional countries in addressing global environmental challenges in five focal areas: 

(1) biodiversity; (2) chemicals and waste; (3) climate change; (4) land degradation (primarily 

deforestation and desertification); and (5) international waters.

Food Security

International Fund for Agricultural Development (IFAD): The FY 2023 Budget requests $43

million to support including for the second of three installments towards the International Fund 

for Agricultural Development’s twelfth replenishment (IFAD-12).

Technical Assistance – Office of Technical Assistance

The FY 2023 Budget requests $38 million for Treasury’s Office of Technical Assistance (OTA). 

Funding will help ensure that OTA is able to respond quickly and sustainably to growing 

demand for technical assistance in areas that are priorities for the United States. Such areas 

include: supporting our national security agenda by combating terrorist financing and financial 

crimes, helping countries fund and sustain their own development through improved domestic 
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resource mobilization and debt management, and creating the conditions for private sector-led 

economic growth. This consists of improving the climate for private sector investment in 

infrastructure projects in developing and transitional countries.

Debt Restructuring and Relief

The FY 2023 Budget requests $67 million for bilateral debt restructuring and relief programs. 

This funding would support the following initiatives:

G20 Common Framework for Debt Treatments beyond the Debt Service Sustainability Initiative

(the Common Framework), and Paris Club debt restructuring: The FY 2023 Budget requests 

$52 million for the United States’ participation in debt restructuring and relief programs through 

the Paris Club and G20. Since the COVID-19 pandemic, the United States has been

participating in a G20 initiative that includes China – the Common Framework, which helps lowincome countries restructure their debts through a multilateral framework. Given the rising debt 

burdens of many low-income countries, U.S. participation in the Common Framework and the 

Paris Club proactively work toward longer-term sustainability for low-income countries and 

avoid prolonged and costly debt crises.

Tropical Forest and Coral Reef Conservation Act (TFCCA): The FY 2023 Budget requests $15 

million for the TFCCA, which enables eligible developing countries with certain concessional 

debt owed to the United States to redirect some of those payments to support conservation of 

their tropical forests and/or coral reefs. Protecting biodiversity and combating climate change 

are central to U.S. national economic and security interests. Conservation of tropical forests and 

coral reefs is critical to mitigating the impact of climate change, providing clean water, and 

supporting sustainable jobs in developing countries.
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Summary Tables

Table 1: Summary of Previous Appropriations and FY 2023 Request

Treasury International Programs

FY 2021 – FY 2023

(in $ thousands)

FY 2021

Enacted

FY 2022

Full-year 

CR

FY 2022

Enacted1

FY 2023

Request

FY 2021 Enacted to 

FY 2023

FY 2022 Enacted to 

FY 2023

$ Change % 

Change $ Change % Change

Multilateral Development Banks (MDBs) 1,481,244 1,481,244 1,527,172 1,906,315 425,071 28.7% 379,143 24.8%

International Bank for Reconstruction and Development 

(IBRD) 206,500 206,500 206,500 206,500 0 0.0% 0 0.0%

International Development Association (IDA) 2 1,001,400 1,001,400 1,001,400 1,430,256 428,856 42.8% 428,856 42.8%

African Development Fund (AfDF) 171,300 171,300 211,300 171,300 0 0.0% -40,000 -18.9%

African Development Bank (AfDB) 54,649 54,649 54,649 54,649 0 0.0% 0 0.0%

Asian Development Fund (AsDF) 47,395 47,395 53,323 43,610 -3,785 -8.0% -9,713 -18.2%

International Monetary Fund (IMF) Facilities and 

Trust Funds 0 0 102,000 20,000 20,000 n.a. -82,000 -80.4%

Climate Change and Environment 139,575 139,575 274,288 2,300,200 2,160,625 1548.0% 2,025,912 738.6%

Green Climate Fund (GCF) 0 0 0 1,600,000 1,600,000 n.a. 1,600,000 n.a.

Climate Investment Funds (CIFs) - Clean Technology Fund 

(CTF) 0 0 125,000 550,000 550,000 n.a. 425,000 340.0%

Global Environment Facility (GEF) 139,575 139,575 149,288 150,200 10,625 7.6% 912 0.6%

Food Security 32,500 32,500 48,000 43,000 10,500 32.3% -5,000 -10.4%

International Fund for Agricultural Development (IFAD) 32,500 32,500 43,000 43,000 10,500 32.3% 0 0.0%

Global Agriculture and Food Security Program (GAFSP) 0 0 5,000 0 0 n.a. -5,000 -100.0%

Office of Technical Assistance (OTA) 33,000 33,000 38,000 38,000 5,000 15.2% 0 0.0%

Debt Restructuring3 204,000 204,000 67,000 67,000 -137,000 -67.2% 0 0.0%

G-20 Debt Service Sustainability Initiative, Common 

Framework on Debt Treatments, and Paris Club 0 0 52,000 52,000 52,000 n.a. 0 n.a.

Heavily Indebted Poor Countries Initiative (HIPC), Bilateral 

Debt Relief: Somalia and Sudan 189,000 189,000 0 0 -189,000 -100.0% 0 n.a.

Tropical Forest and Coral Reef Conservation Act (TFCCA) 15,000 15,000 15,000 15,000 0 0.0% 0 0.0%

TOTAL 1,890,319 1,890,319 2,056,460 4,374,515 2,484,196 131.4% 2,318,055 112.7%

1. These are the levels included in the Consolidated Appropriations Act, 2022. 

2. In FY 2022, the Department of the Treasury also made a $300,000,000 grant to IDA, funded with American Rescue Plan Act resources, to support COVID-response

 activities during the IDA-19 replenishment period. 

3. In FY 2021, Congress also appropriated, on an emergency basis, $120 million to Treasury's debt restructuring account for clearing Sudan's arrears with the IMF.
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Table 2: Unmet Commitments at International Financial Institutions

(in $ thousands)

Institution FY 2017 

Enacted

FY 2018 

Enacted

FY 2019 

Enacted

FY 2020 

Enacted

FY 2021 

Enacted1

FY 2022

Estimate2

FY 2023

Projected

IDA Pledges 620,534 485,264 485,264 485,264 426,574 337,318 337,318

IDA MDRI 643,845 822,665 1,006,855 1,236,345 1,503,865 1,801,195 2,115,145

AfDF Pledges 178,682 156,167 156,167 156,167 154,191 114,191 114,191

AfDF MDRI 112,067 134,377 157,904 172,014 196,711 225,879 242,765

AsDF 284,739 283,943 283,943 283,904 283,904 274,191 274,191

GEF 134,967 134,963 131,951 110,843 102,391 89,666 89,666

IFAD 3,833 3,833 3,833 3,833 3,833 3,833 3,833

MIF/ IDB Lab 25,710 25,710 25,710 25,710 25,710 25,710 25,710

MIGA 6,867 6,867 6,867 6,867 6,867 6,867 6,867

TOTAL 2,011,244 2,053,789 2,258,493 2,480,946 2,704,045 2,878,849 3,209,685

Total MDRI 755,912 957,042 1,164,759 1,408,359 1,700,576 2,027,074 2,357,910

Total ex-MDRI 1,255,332 1,096,746 1,093,734 1,072,587 1,003,469 851,775 851,775

1 The FY 2021 column reflects the levels at which unmet commitments stood after enactment of appropriations legislation and 

includes any early encashment credits/discounts received. It includes a payment to GEF for unmet commitments and 

credits/discounts received at IDA, the AfDF, and the GEF.

2. FY 2022 column reflects amounts appropriated by Congress in the Consolidated Appropriations Act, 2022. The decline in unmet 

commitments for IDA pledges of $89.25 million is due to the $300 million grant provided to IDA with resources from the American 

Rescue Plan Act.