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Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesLONDON - Development agencies gathering in Washington this week face one of their toughest battles in years: getting a rich world worried about wars abroad and elections at home to commit more cash to the world's poorest countries.
"Budgetary constraint in a number of countries is increasing," Odile Renaud-Basso, president of the European Bank for Reconstruction and Development told Reuters in London ahead of the meetings."There is more expenditure for defense and there is tension about support for development aid."Renaud-Basso said lenders trying to raise funds, such as World Bank's International Development Association , would provide a bellwether for the rich world's appetite to donate.
In its last replenishment, 52 high- and middle-income countries contributed, led by the United States, Japan, Germany, the United Kingdom and France. "I don't think the world has ever been in such a state," said Vera Songwe, chair of the Liquidity and Sustainability Facility, a group that aims to lower debt costs for Africa.
China during that time also opened its financial taps, lending billions via its Belt and Road Initiative. But amid simmering debt problems at home, it has since pulled back."There are very few such pots of money with such low concessional rates the world over, especially pots of money that come from a multilateral lender that has certain checks and balances," said Giulia Pellegrini, a senior portfolio manager for emerging market debt at Allianz Global Investors.
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