International Financial Institutions: FY2024 Budget Request (CRS Report for Congress)
| Release Date |
Revised Sept. 19, 2023 |
| Report Number |
IF11902 |
| Report Type |
In Focus |
| Authors |
Rebecca M. Nelson, Martin A. Weiss |
| Source Agency |
Congressional Research Service |
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Summary:
For FY2024, the Biden Administration is requesting $4.04
billion for the international financial institutions (IFIs).
These include the International Monetary Fund (IMF), the
multilateral development banks (MDBs), and associated
multilateral trust funds focused on climate change and food
security. The FY2024 request for the IFIs is 70% more than
the amount in FY2023 ($2.36 billion, Figure 1), and
accounts for about 6% of the total FY2024 Department of
State, Foreign Operations, and Related Programs (SFOPS)
budget request.
U.S. funding for the IFIs is administered by the Treasury
Department, which is responsible for managing U.S.
participation in these institutions. Congress authorizes and
appropriates U.S. contributions to the IFIs. The Senate
Committee on Foreign Relations and the House Committee
on Financial Services are responsible for managing MDB
authorization legislation. The SFOPS Subcommittees of the
House and Senate Committees on Appropriations manage
the relevant appropriations legislation. Over the past several
decades, authorizations and appropriations for U.S.
contributions to the IFIs have been included in annual
SFOPS appropriations or larger omnibus appropriations
acts.
