Message from the Secretary of the Treasury 

Dear Member: 

On behalf of President Biden, it is my pleasure to submit the Congressional Budget Justification 

for the Department of Treasury’s International Programs for Fiscal Year 2022. This request 

comes during a time of four converging crises: ending the COVID-19 pandemic, providing 

economic relief, tackling climate change, and advancing racial equity. The budget proposes 

investments that address each of these areas. Additionally, this request reflects the Biden-Harris 

Administration’s commitment to restore U.S. leadership in the multilateral system, to offer 

countries high-quality finance and policy advice that serve as an alternative to unsustainable 

borrowing from other actors, and to tackle interconnected global challenges—recovery from the 

COVID-19 pandemic, the fight against climate change, and reducing global poverty and 

inequality. The FY 2022 request aims not just to return to life as it was before the pandemic, but 

to build back better by creating a more environmentally sustainable and prosperous global

economy for all. 

The FY 2022 Budget requests $1.95 billion for the multilateral development banks (MDBs). The 

MDBs are vital institutions for strengthening long-term growth, reducing poverty and inequality, 

fighting climate change, and fostering greater inclusion. They are also playing a leading role in

responding to the health, economic, and social impacts of the COVID-19 pandemic. The FY 

2022 Budget proposes $102 million for the Poverty Reduction and Growth Trust of the 

International Monetary Fund (IMF), the IMF’s concessional lending facility for the world’s

poorest countries, or another IMF facility. This will enable the IMF to continue supporting 

critical health and social spending in poor countries as they recover from the crisis. 

Across the government, the FY 2022 Budget requests $2.5 billion in U.S. climate development 

assistance as a strong commitment to multilateral efforts and to reestablish U.S. leadership in 

confronting the largest long-term threat that the world faces. Of this, 1.09 billion is for Treasury

programs to combat climate change and environmental degradation, including through the

Tropical Forest and Coral Reef Conservation Act. The FY22 Budget also includes funding for 

U.S. participation in the G20 Debt Service Suspension Initiative and Common Framework—

which are providing the poorest countries with liquidity support to respond to the COVID-19

pandemic—as well as increased funding for the International Fund for Agricultural Development

and Treasury’s Office of Technical Assistance.

Sustained U.S. international leadership requires that we meet our commitments. The budget 

requests $489 million to reduce unmet commitments to international financial institutions, some 

of which date to the 1990s. Unmet commitments have been a persistent and growing problem

that have undermined U.S. influence, credibility, and leadership. Addressing this problem has

been put off for far too long, and it is time to begin addressing it. 

Sincerely, 

Janet L. Yellen 
Treasury International Programs

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FY 2022 Executive Summary

The Administration’s FY 2022 Budget requests $3.278 billion for Treasury Department 

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

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

confronting 21st century security challenges by working together in partnership with international 

financial institutions (IFIs) and our allies. The proposed investments in Treasury International 

Programs respond to three compounding global crises of unprecedented scope and scale at the 

same time: the COVID-19 pandemic, the resulting global economic crisis that has eroded years 

of progress in reducing poverty in developing countries, and the climate crisis, which is the 

greatest long-term threat that the world faces and puts the wellbeing of the American people at 

significant risk. These investments, particularly U.S. contributions to multilateral development 

banks (MDBs) will 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. 

These investments in Treasury International Programs further American economic, foreign 

policy, and security interests of building a more secure, prosperous, inclusive, environmentally 

sustainable, and democratic world. The institutions and programs supported by this request are 

among the most effective instruments through which the United States can advance its leadership 

on issues relating to international financial stability, economic development, reduction of global 

poverty and inequality, enhancing social and economic inclusion, climate change, improving 

food security, and investing in infrastructure. In so doing, they expand markets for U.S. exports 

and improve the wellbeing of the American people. The request draws on the catalytic power of 

working with our partners to address the world’s most pressing economic challenges and restores 

U.S. leadership in the multilateral system.

As part of the Administration’s historic request for approximately $2.5 billion for international 

climate change programs, Treasury’s request includes $1.089 billion for climate change and 

environmental funds and programs. This includes the first contribution to the Green Climate 

Fund (GCF) since 2017, as well as requests for Clean Technology Fund (CTF), the Global 

Environment Facility (GEF)1

, and the Tropical Forest and Coral Reef Conservation Act 

(TFCCA). These programs will accelerate progress toward meeting the goals of the Paris 

Agreement by assisting developing countries in mitigating greenhouse gas emissions, adapting to 

climate change and building resilience, expanding clean energy production, and utilizing forest 

conservation and other natural climate solutions to reduce and avoid greenhouse gas emissions. 

The contributions to the MDBs also support U.S. climate change goals as they are the among the 

largest and most effective financiers of systemic change to address climate change. 

The Administration seeks funding to begin paying down the substantial and growing balance of 

U.S. unmet commitments at IFIs and multilateral funds, some of which date to the 1990s. A 

particular priority is to clear U.S. unmet commitments for previous pledges to the International 

Development Association. The FY 2022 budget also seeks funding and necessary authorization 

to make the United States’ first contribution to the Poverty Reduction and Growth Trust (PRGT) 

of the International Monetary Fund (IMF), which lends to the world’s poorest countries to 

1 Because the GEF supports multiple environmental goals, only a portion of GEF funding is included in climate finance totals.
Treasury International Programs

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support macroeconomic stability and sustain their ability to expand health and social sector 

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

promote more inclusive and environmentally sustainable development pathways, to increase the 

allocation of financing to the world’s poorest and most fragile countries, and to continue to 

ensure that the IFIs deliver on key reforms aimed at improving governance, effectiveness, and 

financial discipline, particularly with regard to those agreed as part of multilateral development 

bank (MDB) capital increases and replenishments. Proposed contributions to the IFIs will also 

sustain their capacity to provide developing countries with robust alternatives to non-transparent

and potentially coercive sources of development finance.

Multilateral Development Banks 

The FY 2022 Budget requests $1.954 billion for the MDBs. The MDBs play key roles in the 

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

fight climate change, which advances U.S. foreign policy objectives of sustaining peace and 

stability, promoting security, and protecting the global environment. The MDBs have also 

played a leading role in the global response to the COVID-19 pandemic and, over the past year,

have provided more than $85 billion to address the health and economic impacts of the 

pandemic.

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 

terms of promoting a positive development agenda for disadvantaged, marginalized or vulnerable 

groups. The increased support sought by the Administration 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 third 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 2022 Budget also requests a 

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

International Development Association (IDA): $1.428 billion in support of IDA programs over 

the nineteenth replenishment (IDA-19; World Bank FY 2021 – FY 20222

), including towards the 

second of three installments to IDA-19, and of which, $426.6 million is to eliminate unmet 

commitments for IDA replenishments.

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

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

increase. The FY 2022 Budget also requests a program limitation to allow the United States to 

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

2 As noted in the chapter on IDA below, IDA donors and management decided to advance the IDA-20th

replenishment period by one year. Consequently, the IDA-19 replenishment period has been shorted by one year. 

The IDA-19 pay-in period will remain FY2021 – FY2023. 
Treasury International Programs

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African Development Fund (AfDF): $211.3 million in support of AfDF programs over the 

fifteenth replenishment (AfDF-15; AfDB FY 2020 – FY 2022), including towards the second of 

three installments to AfDF-15, and of which, $40 million is for unmet commitments for AfDF

replenishments. 

Asian Development Fund (AsDF): $53.3 million in support of AsDF programs over the twelfth 

replenishment (AsDF-13; FY 2022 – FY 2025), including towards the first of four installments 

to AsDF-13 and of which, $9.7 million is for unmet commitments to the AsDF. The 

Administration also requests authorization to contribute to the AsDF-13 replenishment. This 

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

International Programs chapter of the FY 2022 President’s Budget Appendix. 

International Monetary Fund – Contributions to IMF Facilities and Trust Funds

The FY 2022 Budget requests a total of $102 million to enable the United States to make a 

meaningful contribution to the Poverty Reduction and Growth Trust (PRGT), the IMF’s 

concessional lending facility for low-income countries (LICs), or another IMF facility. Of this, 

we expect as much as $100 million would be for a grant to the PRGT and $2 million or more 

would be used to cover the subsidy cost of a loan of special drawing rights (SDRs) to the PRGT

or another fund from Treasury’s Exchange Stabilization Fund (ESF). The specific division of 

the funding between grants to, and/or covering the subsidy cost of loans to, the PRGT, or another 

IMF facility, is yet to be determined.

The Administration also requests authorization to loan up to 15 billion SDRs to the PRGT, or 

another IMF facility, from Treasury’s ESF.

Climate Change and Environment 

Green Climate Fund (GCF): The FY 2022 Budget requests $625.0 million for Treasury’s 

contribution to the GCF, which will support a total FY 2022 request of $1.250 billion for the 

GCF. (The Department of State is also requesting $625 million.)

Clean Technology Fund (CTF): The FY 2022 Budget requests $300 million for a contribution to 

the CTF, of which $270 million will be used for the subsidy cost of a loan.

Global Environment Facility (GEF): The FY 2022 Budget requests $149.3 million, including 

towards a final installment to the GEF seventh replenishment (GEF-7; FY 2019 – FY 2022), and

of which, 12.7 million is for unmet commitments to the GEF.

Food Security

International Fund for Agricultural Development (IFAD): The FY 2022 Budget requests $43

million, including for the first of three installments towards the International Fund for 

Agricultural Development’s twelfth replenishment (IFAD-12).
Treasury International Programs

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Technical Assistance – Office of Technical Assistance

The FY 2022 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, reducing countries’ dependence on foreign financial aid through improved domestic 

resource mobilization, 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 2022 Budget requests $67 million for two bilateral debt restructuring and relief

programs. 

G20 Debt Service Suspension Initiative (DSSI) and Common Framework for Debt Treatments 

beyond the DSSI (Common Framework): The FY 2022 Budget requests $52 million to provide 

temporary debt service suspension to DSSI-eligible countries who request it on affordable terms,

and to participate in Common Framework debt treatments for low-income countries. All G20 

members, including China, have committed to provide debt treatments on comparable terms 

under these initiatives.

Tropical Forest and Coral Reef Conservation Act (TFCCA): The FY 2022 Budget requests $15 

million for the TFCCA to enable 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.
Treasury International Programs

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Summary Tables 

Previous Appropriations and FY 2022 Request

Treasury International Programs

FY 2020 – FY 2022

(in $ thousands)

 FY 2020 FY 2021 FY 2022

Enacted Enacted Request $ Change % Change

Multilateral Development Banks (MDBs) 1,522,205 1,481,244 1,953,746 472,502 31.9%

 International Bank for Reconstruction and 

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

 International Development Association (IDA) 1,097,010 1,001,400 1,427,974 426,574 42.6%

 African Development Fund (AfDF) 171,300 171,300 211,300 40,000 23.4%

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

 Asian Development Fund (AsDF) 47,395 47,395 53,323 5,928 12.5%

International Monetary Fund (IMF) - IMF 

Facilities and Trust Funds 0 0 102,000 102,000 NA

Climate Change and Environment 139,575 139,575 1,074,288 934,713 669.7%

 Green Climate Fund (GCF) 0 0 625,000 625,000 NA

 Climate Investment Funds (CIFs) - Clean 

 Technology Fund 0 0 300,000 300,000 NA

 Global Environment Facility (GEF) 139,575 139,575 149,288 9,713 7.0%

Food Security 30,000 32,500 43,000 10,500 32.3%

 International Fund for Agricultural 

 Development (IFAD) 30,000 32,500 43,000 10,500 32.3%

Office of Technical Assistance (OTA) 30,000 33,000 38,000 5,000 15.2%

Debt Restructuring 15,000 204,000 67,000 -137,000 -67.2%

 G-20 Debt Service Sustainability Initiative

 & Common Framework on Debt Treatments 0 0 52,000 52,000 NA

 Highly Indebted Poort Countries Initiative

 (HIPC), Bilateral Debt Relief: Somalia 0 78,000 0 -78,000 -100.0%

 HIPC, Bilateral Debt Relief: Sudan* 0 111,000 0 -111,000 -100.0%

 Tropical Forest and Coral Reef Conservation 

 Act (TFCCA) 15,000 15,000 15,000 0 0.0%

TOTAL 1,736,780 1,890,319 3,278,034 1,387,715 73.4%

* In FY 2021, Congress also appropriated $120 million to Treasury's debt restructuring acount for clearing Sudan's arrears with the IMF 

on an emergency basis.

FY 2021 to FY 2022
T

reasury International Programs

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Institution

FY 2016 

Enacted1

FY 2017 Enacted

FY 2018 Enacted

FY 2019 Enacted

FY 2020 Enacted

FY 2021 Enacted

FY 2022

Projected2

 IDA Pledges 530,321 620,534 485,264 485,264 485,264 426,574 0

 IDA MDRI 444,615 643,845 822,665 1,006,855 1,236,345 1,503,865 1,801,195

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

 AfDF MDRI 83,941 112,067 134,377 157,904 172,014 196,711 225,879

 AsDF 294,653 284,739 283,943 283,943 283,904 283,904 274,191

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

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

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

 MIF 25,710 25,710 25,710 25,710 25,710 25,710 25,710

 TOTAL 1,731,493 2,011,244 2,053,789 2,258,493 2,480,946 2,704,045 2,541,531

 Total (ex MDRI) 1,202,936 1,255,332 1,096,746 1,093,734 1,072,587 1,003,469 514,457

 Total MDRI 528,556 755,912 957,042 1,164,759 1,408,359 1,700,576 2,027,074

 Total IDA, AfDF,  AsDF Pledges 1,003,656 1,083,955 925,373 925,373 925,334 864,668 388,381

2 This column lists the levels at which Treasury projects unmet commitments will stand if Congress appropriates funding at the levels requested in the President's FY2022 Budget.

Unmet Commitments to International Financial Institutions

(in thousands of US dollars)

1 Reflects the levels at which unmet commitments stood after enactment of appropriations legislation and includes any early encashment credits/discounts received. FY 2021 column reflects payments allocated for unmet commitments and any credits/discounts received, as follows: for IDA, a $58.69 million EEC from fulfillment of the U.S. IDA-18 commitment; for AfDF, a $1.98 million EEC from fulfillment of AfDF-14 commitment, for GEF, $3 million appropriation for unmet commitments and early encashment discount of $5 million from FY 2021 GEF-7 payment.