FY 2024 Executive Summary

The Administration’s FY 2024 Budget (the Budget) requests $4.037 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. Working with

our allies and through multilateral institutions, including the international financial institutions,

will help the United States confront many of the global challenges that the world faces. Our 

priorities include increasing global economic growth, reducing poverty, preventing debt crises, 

modernizing health systems, enhancing food and energy security, building resilience to 

environmental challenges including natural disasters and climate change, championing quality 

and sustainable infrastructure, and supporting vulnerable populations recovering from disaster 

and conflict. 

If these priorities are not addressed, there can be significant spillover effects on the United 

States. This reinforces the need for a strong U.S.-led international finance system that can take 

decisive action to provide financing, policy and technical support for quality infrastructure 

investment, climate adaptation and resilience, energy innovation and diversification, and public 

health. This is essential to delivering on the goals of the Partnership for Global Infrastructure 

and Investment (PGII). Treasury’s International Programs also seek to contribute to enhancing 

equity and fostering the inclusion of disadvantaged and marginalized people in developing 

countries, including women and youth who have not adequately shared the benefits of 

development. This is the right approach, and it is vital to political and economic stability. 

The institutions and programs supported by this request produce impacts across all of these areas

and are cost-effective means for the United States to advance its geostrategic interests. The 

International Monetary Fund (IMF) supports international macroeconomic and financial stability, 

including in low-income countries. Through policy advice and technical assistance, the IMF 

works to prevent economic and financial crises abroad. IMF financing to countries in crisis is 

vital to minimize the severity and duration as well as the likelihood of potential negative 

spillovers to the United States. The World Bank, regional development banks, multilateral 

funds, and Treasury’s bilateral technical assistance program support sustainable economic 

development, food and energy security, and social inclusion, helping developing countries attract 

and sustain private investment for quality infrastructure that will increase prosperity. With U.S. 

leadership, these institutions and programs reflect and promote American values related to good 

governance, transparency, and sound debt management. 

Supporting economic prosperity overseas also benefits American companies by expanding

markets for U.S. exports and leveling the playing field through increased transparency and 

competition, which creates American jobs and bolsters the U.S. economy. Also, many of these 

international institutions frequently partner with American companies in their programs, whether 

through consulting or project design and execution. We are encouraging these international 

institutions to explore more opportunities to engage the private sector in their work, to help 

expand the pipeline of quality development projects and the multiplier effect of low-cost,

sustainable public finance. 
More broadly, Treasury is advocating for the evolution of the multilateral development bank 

(MDB) system, to modernize and expand its work so that it can better address global challenges

while also enhancing delivery on poverty alleviation and sustainable and inclusive growth. This 

requires meeting our foundational commitments to the MDBs and guiding them to refresh their

operational models and incentive structures and to fully stretch their available resources, 

including through new financing mechanisms that would result in a greater amount of 

development finance.

Treasury also seeks to invest in the broader international finance system and the specific 

multilateral funds and institutions that help deliver on core Administration priorities, particularly 

with respect to infrastructure, environment and energy, and food security. Investments in the 

programs and funds related to these priorities will offer emerging and developing countries a 

quality and sustainable alternative to drive infrastructure development, including energy, needed 

to boost productivity, growth, jobs, and the delivery of basic services. Further, food security is 

intricately liked to national security and is crucial to having a healthy population and productive 

workforce. These programs and funds will help catalyze private finance and lay the foundation 

for sustainable, inclusive, and resilient growth and development. 

U.S. contributions to these programs help to safeguard and improve the wellbeing of the 

American people. For example, U.S. contributions to energy and clean technology funds

enhance our energy security by supporting international efforts to diversify energy systems,

reduce dependence on Russian producers, and reduce long-term energy price volatility. They 

also have significant catalytic impact with large co-financing from private investors, and as the 

markets in these developing countries grow, so will the demand for U.S. technologies in this 

space, bringing benefits back to the U.S. economy. U.S. contributions to agricultural funds not 

only promote global food security but also sustain the supply of food and natural resources from 

overseas on which Americans depend. U.S. contributions to environment funds enhance global 

resilience and mitigate the effects of climate change, conserve biodiversity and critical

ecosystems, and reduce harmful chemicals in our air and water. 

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

government agencies in developing and transitional countries with specialized expertise, 

including through the deployment of expert 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. 

Treasury is also a critical participant in multilateral initiatives to help address debt vulnerabilities 

around the world. Risks of debt distress have increased across low- and middle-income 

countries due to the impact of the ongoing pandemic, Russia’s war against Ukraine, and global 

financial tightening. These ongoing uncertainties and challenges could lead to more countries 

facing unsustainable debt burdens over the next year or so. The United States, though our 

membership in the Paris Club, conducts debt restructurings through a multilateral and 

coordinated process for the benefit of taxpayers. As members of the G20, we also have a 

commitment to work with countries under the Common Framework for debt treatments, a 

multilateral framework that brings China to the table for the first time.
Multilateral Development Banks 

The Budget requests $2.293 billion for the multilateral development banks (MDBs). These 

institutions play key roles in the effort to reduce poverty, increase economic growth, foster 

economic and social inclusion, build resilience, and develop sustainable infrastructure. 

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

developing countries in mobilizing billions more in private capital. They played a leading role in 

the global response to the COVID-19 pandemic, marshalling resources and experts quickly to 

help developing countries address the health and economic impacts of the pandemic. They also 

assist developing countries in responding to the devastating effects of Russia’s brutal war on 

Ukraine, by providing critical finance to sustain agriculture production and manage the impact of 

sudden spikes in energy and food prices on the poor. Additionally, they provide an alternative to 

low quality financing from malignant actors. These efforts by the MDBs help to advance U.S. 

foreign policy objectives of sustaining peace and stability, promoting security, and protecting the 

global environment. 

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, the MDBs’ internallygenerated resources, and funding from capital markets to significantly increase the assistance 

levels that the MDBs provide. MDBs offer a wide range of instruments, including grants, loans, 

guarantees, equity, insurance, and knowledge products. This array of instruments can help derisk and incentivize private sector investments that support U.S. development priorities in 

emerging markets. The Administration requests increased support for the MDBs so that the 

United States can continue to assert its leadership in these institutions. To help meet today’s 

greatest cross-border challenges, like pandemics, fragility and conflict, and environmental risks, 

the United States with its allies have begun efforts to evolve the MDBs to respond to these 

challenges with sufficient speed and scale, starting with the World Bank. In February 2023, the 

World Bank initiated a process to select a new President that is set to conclude in late April, and 

with new leadership comes an opportunity to shape the institution. 

Treasury’s requests for the MDBs include:

International Bank for Reconstruction and Development (IBRD): $233.3 million, including 

$206.5 million for the fifth of six installments to subscribe to the U.S. share of the paid-in 

portion of the IBRD 2018 general and selective capital increases and $26.8 million for the 

subsidy cost for IBRD loan guarantees which, with a leverage rate of approximately 1:75, will 

enable $2 billion in new lending to support innovation and diversification in the energy sector of

emerging markets in South and Southeast Asia, notably Indonesia. The Budget also requests a 

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

capital. 

International Development Association (IDA): $1.479 billion in support of IDA programs over 

the twentieth replenishment period (July 1, 2022 – June 30, 2025), including support for a second 

payment to the twentieth replenishment (IDA-20) and of which $49 million is to reduce unmet 

commitments to previous replenishments. The Administration also proposes legislative language 
to exempt securities issued by IDA from regulation by the Securities and Exchange Commission. 

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

International Programs chapter of the FY 2024 President’s Budget Appendix. 

African Development Bank (AfDB): $54.6 million for the fourth of eight installments to subscribe 

to the U.S. share of the paid-in portion of the seventh general capital increase. The Budget also 

requests a program limitation to allow the United States to subscribe to up to $856,174,624 in 

callable capital.

African Development Fund (AfDF): $224 million in support of AfDF programs over the 

sixteenth replenishment period (AfDF-16; 2023–2025), including towards a first installment to 

AfDF-16, and of which $27 million is to reduce unmet commitments to previous replenishments. 

The Administration also requests authorization to subscribe to the AfDF-16 replenishment in the 

amount of $591 million. 

Asian Development Bank (AsDB): $119.4 million in support of two new AsDB initiatives: $84 

million for the subsidy cost of $1 billion of loan guarantees to support the Innovative Finance 

Facility for Climate in Asia and the Pacific, and $35 million for the Energy Transition 

Mechanism Partnership Trust Fund.

Asian Development Fund (AsDF): $107.2 million in support of AsDF programs over the twelfth 

replenishment period (also known as AsDF-13, covering the period 2021–2024), including for 

payments towards U.S. pledges for the twelfth replenishment, and of which $20 million is to 

reduce unmet commitments to AsDF replenishments.

Inter-American Investment Corporation (IIC, also referred to as IDB Invest): $75 million for an 

initial subscription to a capital increase in the IIC, provided that the Inter-American 

Development Bank Group has made satisfactory progress toward reforms which include 

increasing the Group’s responsiveness to the development needs of Latin America and the 

Caribbean and promoting more effective and efficient use of the Group’s financial resources. 

The Administration also requests authorization to subscribe to a capital increase of up to 58,942 

additional shares in the IIC.

International Monetary Fund (IMF) Facilities and Trust Funds

The Budget requests authorization to enable the United States to lend up to $21 billion in 

resources from Treasury’s Exchange Stabilization Fund to the Resilience and Sustainability 

Trust (RST), and to the Poverty Reduction and Growth Trust (PRGT), the IMF’s concessional 

lending facility for low-income countries. The specific division of lending between the RST and 

PRGT is yet to be determined. Treasury also requests a five-year extension of authorization for 

the United States to participate in the IMF New Arrangements to Borrow, to end on December 

31, 2030. 

Quality Infrastructure
Global Infrastructure Facility (GIF): The Budget requests $40 million for a first-time 

contribution to the GIF, a World Bank financial intermediary fund that provides funding and 

technical assistance to design and structure high-quality infrastructure projects to attract and 

enable MDB and private sector co-financing. 

Energy and Environment 

Clean Technology Fund (CTF): The Budget requests $425 million for a contribution to the CTF

to support developing countries’ adoption of clean technologies in energy and transportation. 

The CTF complements the United States’ bilateral efforts to promote a just energy transition and 

deployment of clean technology in targeted countries. Using $425 million for subsidy costs 

would enable a concessional loan to the CTF with an estimated value of $1.23 billion. 

Green Climate Fund (GCF): The Budget requests $1.6 billion for the GCF, of which $800 

million is through the Department of the Treasury and $800 million is through the Department of 

State. 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.

Global Environment Facility (GEF): The Budget requests $168.7 million, of which $150.2

million is to cover the second installment of our pledge to the GEF’s eighth replenishment (GEF8) and $18.5 million is for unmet commitments. 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. The GEF is a global leader in promoting the conservation of terrestrial and 

marine habitats.

Resilient Development Trust Funds: The Budget requests $27 million for contributions to MDB 

trust funds that are focused on building resilience to natural disasters and extreme weather in the 

most vulnerable developing countries, such as those in the South Pacific and sub-Saharan Africa. 

Food Security

International Fund for Agricultural Development (IFAD): The Budget requests $81.8 million to 

support IFAD programming during its twelfth replenishment period (2022–2024), including for 

the last of three installment payments to the twelfth replenishment, a $35 million contribution to 

IFAD’s Enhanced Adaptation for Smallholder Agriculture Programme (ASAP+), and a $3.8 

million payment to eliminate unmet commitments to prior IFAD replenishments.

Global Agriculture and Food Security Program (GAFSP): The Budget requests $40 million for 

the Global Agriculture and Food Security Program (GAFSP), a multi-donor trust fund dedicated 

to improving food and nutrition security worldwide.
Technical Assistance – Office of Technical Assistance

The Budget requests $45 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 from developing and transitional countries 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 resource mobilization and debt management, promoting financial 

stability, and creating the conditions for private sector-led economic growth, including through 

increased investment in critical infrastructure and climate-related or environmental projects. 

Debt Restructuring and Relief 

The 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 Suspension Initiative

(the Common Framework), and Paris Club debt restructuring: The Budget requests $52 million 

for the United States’ participation in debt restructuring and relief programs through multilateral 

initiatives including the Paris Club and G20. Since the COVID-19 pandemic, the United States 

has been participating in a G20 initiative—the Common Framework, which helps low-income 

countries restructure their debts through a multilateral framework, and where non-Paris Club 

creditors – including China – must provide comparable treatment. Given the rising debt burdens 

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

is critical, as these programs proactively work toward longer-term sustainability for low-income 

countries and aim to avoid prolonged and costly debt crises overseas which can have 

ramifications on the U.S. economy. 

Tropical Forest and Coral Reef Conservation Act (TFCCA): The 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. 

Treasury International Assistance Programs 

The Budget requests $50 million in additional resources to meet new and emergent needs 

through international financial institutions, other international organizations, and/or financial 

intermediary funds and trust funds administered by these institutions. Requested resources will 

be used to support U.S. priorities in promoting global macroeconomic and financial stability and 

international development, and to advance U.S. strategic priorities and leadership, including 

countering the influence of malignant actors. Funding provided through this account would 

enable U.S. Treasury to be responsive to emergent issues and to address those needs in a timely 

manner. 
Summary Tables

Table 1: Treasury International Programs – Summary of Previous Appropriations and FY 2024 Request

(in $ thousands)

FY 2022 

Enacted1

FY 2023 

Enacted

FY 2024 

Request

FY 2022 Enacted to FY 2023 Enacted to 

FY 2024 FY 2024

 $ Change % Change $ Change % Change

Multilateral Development Banks 1,527,172 1,906,315 2,292,825 765,653 50.1% 386,510 20.3%

International Bank for Reconstruction and Development (IBRD) 206,500 206,500 233,322 26,822 13% 26,822 13%

International Development Association (IDA) 1,001,400 1,430,256 1,479,256 477,856 47.7% 49,000 3.4%

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

African Development Fund (AfDF) 211,300 171,300 224,000 12,700 6% 52,700 30.8%

Asian Development Fund (AsDF) 53,323 43,610 107,220 53,897 101.1% 63,610 145.9%

Asian Development Bank (AsDB) Programs - - 119,378 119,378 - 119,378 -

Inter-American Investment Corporation (IIC, or IDB Invest) - - 75,000 75,000 - 75,000 -

IMF Facilities and Trust Funds 102,000 20,000 - -102,000 -100% -20,000 -100%

Quality Infrastructure - - 40,000 40,000 - 40,000 -

Global Infrastructure Facility (GIF) - - 40,000 40,000 - 40,000 -

Energy and Environment 274,288 275,200 1,420,700 1,146,412 418% 1,145,500 416.2%

Clean Technology Fund (CTF) 125,000 125,000 425,000 300,000 240% 300,000 240%

Green Climate Fund (GCF) 0 0 800,000 800,000 - 800,000 -

Global Environment Facility (GEF) 149,288 150,200 168,700 19,412 13% 18,500 12.3%

Resilient Development Trust Funds - - 27,000 27,000 - 27,000 -

Food Security 48,000 53,000 121,833 73,833 153.8% 68,833 129.9%

International Fund for Agricultural Development (IFAD) 43,000 43,000 81,833 38,833 90.3% 38,833 90.3%

Global Agriculture and Food Security Program (GAFSP) 5,000 10,000 40,000 35,000 700% 30,000 300%

Office of Technical Assistance (OTA) 38,000 38,000 45,000 7,000 18.4% 7,000 18.4%

Debt Restructuring 67,000 72,000 67,000 0 0 -5,000 -6.9%

G-20 Common Framework for Debt Treatments, and Paris Club 52,000 52,000 52,000 0 0 0 0

Tropical Forest and Coral Reef Conservation Act (TFCCA) 15,000 20,000 15,000 0 0 -5,000 -25%

Treasury International Assistance Programs - - 50,000 50,000 - 50,000 -

TOTAL 2,056,460 2,364,515 4,037,358 1,980,898 96.3% 1,672,843 70.7%

1. Table does not include $150 million in funding provided to GAFSP or $500 million to the European Bank for Reconstruction and Development under the Additional Ukraine 

Supplemental Appropriations Act, 2022 (P.L. 117-128), or $300 million to IDA funded with American Rescue Plan Act (P.L. 117-2) resources transferred from the Department of State. 
 

9 

Table 2: Unmet Commitments at International Financial Institutions

FY 2018 – FY 2024 

(in $ thousands)

Institution FY 2018 

Enacted

FY 2019 

Enacted

FY 2020 

Enacted

FY 2021 

Enacted

FY 2022 

Enacted

FY 2023

Estimate1

FY 2024

Projected2

IDA Pledges 485,264 485,264 485,264 426,574 337,318 337,318 288,318

IDA MDRI 822,665 1,006,855 1,236,345 1,503,865 1,801,195 2,115,145 2,438,695

AfDF Pledges 154,191 154,191 154,191 154,191 114,191 114,191 87,191

AfDF MDRI 134,377 157,904 172,014 196,711 225,879 262,343 292,963

AsDF 283,943 283,943 283,904 283,904 274,191 274,191 254,191

GEF 134,963 131,951 110,843 102,391 88,006 88,006 69,506

IFAD 3,833 3,833 3,833 3,833 3,833 3,833 0

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 2,051,813 2,256,517 2,478,970 2,704,045 2,877,189 3,227,603 3,463,440

Total MDRI 957,042 1,164,759 1,408,359 1,700,576 2,027,074 2,377,488 2,731,658

Total ex-MDRI 1,094,770 1,091,758 1,070,611 1,003,469 850,115 850,115 731,782

1. This does not reflect the allocation of any early encashment credits that the United States might receive due to payments made in FY 2023.

2. This column lists the projected levels of unmet commitments if Congress appropriates the amounts requested in the FY 2024 President's Budget.