Ajay Banga will make the first visit to Pacific Island nations by a World Bank leader in almost fifty years.
The president of the World Bank is due in Australia this week offering to be a force-multiplier for good in the Pacific island states, and expecting some federal funding to do so.
Banga is inviting Australia to contribute to the replenishment of the bank’s assistance facility for the poorest nations, the International Development Association .Australia contributed $US369 million to its last top-up in December 2021, when total subscriptions from rich nations amounted to $US93 billion. Australia’s share was 0.4 per cent, making it the 18th biggest funder. Australia’s economy is the world’s 13th biggest and the eighth biggest among wealthy nations.
Treasurer Jim Chalmers and the Minister for International Development and the Pacific, Pat Conroy, are expected to bring a submission to the federal cabinet on the matter in coming weeks.
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