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1 week ago | 
devex.com | Adva Saldinger |Elissa Miolene
The Trump administration’s proposed budget for fiscal year 2026 would make unprecedented cuts to foreign aid, which some called “reckless” and “self-defeating.” The White House released its budget request on Friday that proposes a 47.7% cut in funding for state and international programs from 2025 levels, down to $31.2 billion, and signaling its intention to rescind about $20 billion in funds previously approved by Congress.
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2 weeks ago | 
devex.com | Adva Saldinger
Last week, the Millennium Challenge Corporation — a U.S. aid agency focused on economic development — was informed by the Department of Government Efficiency, or DOGE, that it must rapidly wind down all operations, with significant staffing reductions. The fallout could be more than just abandoned infrastructure projects, it could lead to a major erosion of trust in the United States, experts told Devex. But that may not be final.
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2 weeks ago | 
devex.com | Adva Saldinger
Presented by the Philanthropy Asia AllianceWell, we got the answer to the big question last week: Will the Trump administration diminish its membership in the World Bank — or leave it altogether? The answer: They are “eager” to work with the World Bank and the International Monetary Fund, but think the institutions are off track and need to make reforms. That’s according to U.S. Treasury Secretary Scott Bessent.
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3 weeks ago | 
devex.com | Adva Saldinger
One of the big questions going into the World Bank-International Monetary Fund Spring Meetings was whether the United States would engage with the institutions, and if so, how? On Wednesday, U.S. Treasury Secretary Scott Bessent provided some answers.
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3 weeks ago | 
devex.com | Adva Saldinger
The Millennium Challenge Corporation – a U.S. development agency – may be next on the Trump administration’s chopping block.
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3 weeks ago | 
devex.com | Adva Saldinger
At this week’s World Bank Spring Meetings, the buzzword is jobs, and specifically how they can offer pathways out of poverty. While World Bank President Ajay Banga said he wants the bank to orient itself around a “north star” of job creation, much of the how is still underway. That means no headline goals, no flashy data, and to some observers, not even clear definitions.
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3 weeks ago | 
devex.com | Adva Saldinger
The bank could soon end its ban on nuclear energy work, with shareholders and borrowing countries expressing growing interest in the clean, stable source of power and bank leadership backing the idea. For years, energy advocates, key World Bank shareholders, and some borrowing countries have urged the bank to rethink its policy banning any work on or financing of nuclear energy — and now it seems this might actually come to pass.
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3 weeks ago | 
devex.com | Adva Saldinger
The World Bank-International Monetary Fund Spring Meetings that kick off this week are likely to be a quieter affair as the institutions seek to keep a low profile amid uncertainty about their relationship with the United States, their largest shareholder.
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3 weeks ago | 
devex.com | Adva Saldinger
If the World Bank and International Monetary Fund’s annual Spring Meetings feel a little quieter this year, that’s probably not an accident. Both institutions are walking a diplomatic tightrope as they convene during a 180-day review ordered by the Trump administration in February — a process that could reshape their relationship with their largest shareholder: the United States. That looming uncertainty is casting a shadow over this week’s meetings.
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4 weeks ago | 
devex.com | Adva Saldinger
Emerging markets are feeling the pinch of borrowing in foreign currencies. When governments or companies in Ghana or Sri Lanka take out loans in U.S. dollars or euros but earn revenue in cedis or rupees, it sets up a mismatch that can quickly become a crisis when local currencies depreciate — a scenario playing out repeatedly amid rising global volatility.
