After World Bank “Misplaces” Up to $41 Billion in Funds, Biden Pledges Record $4 Billion More in U.S. Taxpayer Dollars
In just a few weeks, Joe Biden will fade into obscurity and will no longer have access to America’s checkbook. He is making sure that, before that happens, he is spreading American taxpayer’s dollars all over the world.
Although Biden wandered aimlessly at the G20 Summit in Rio De Janeiro, Brazil, causing concern when he missed the “family picture” with world leaders, he had enough of a hold on his faculties to pledge a record $4 billion dollars to the World Bank.
The pledge is a 14.3% increase from 2021. However, approval will depend on Congress after President Trump returns to the White House.
The announcement comes despite the fact that the DC-based international lender’s “poor recording keeping” has resulted in anywhere between $24 billion and $41 billion in misplaced funds.
During his remarks, Biden said, “It seems to me there are certain key steps. First, we need to invest at a large scale. Now, we need to make sure the World Bank can continue its work in the most vulnerable countries.”
“I’m proud to announce the United States is pledging $4 billion over the next three years to the World Bank International Development Association.
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In October, an investigation by Oxfam revealed that the World Bank’s “poor record-keeping practices” resulted in between $24 billion and $41 billion in misplaced funds.
Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C.
An Oxfam audit of the World Bank’s 2017-2023 climate finance portfolio found that between $24 billion and $41 billion in climate finance went unaccounted for between the time projects were approved and when they closed.
There is no clear public record showing where this money went or how it was used, which makes any assessment of its impacts impossible. It also remains unclear whether these funds were even spent on climate-related initiatives intended to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in clean energy.
A World Bank insider, speaking on condition of anonymity, suggested to The New York Post, the figure for the missing money “could be twice or 10 times more.”
“All the figures are routinely made up,” the source said. “Nobody has a clue about who spends what.”
The explosive findings by Oxfam, a British-based non-government organization, mean the US has likely lost just shy of $4 billion because it is the bank’s biggest shareholder with a 16% stake.
“This is an outrageous waste of US taxpayers money on a useless woke political cause. It is an insult to the American people,” Nile Gardiner, the director of the Margaret Thatcher Center for Freedom at the Heritage Foundation, told The Post.
