The World Bank said Friday that it is “disappointmenting” that US President Donald Trump’s administration cut $50 million in funding for development aid to developing countries.
Trump announced on Wednesday that the US would cut funding to the US Agency for International Development, a joint program between the World Bank and the U.S. State Department.
The agency receives the bulk of the US aid, and it has long been criticized by international aid groups for having little impact on developing countries’ access to capital, jobs, health care, and other basic goods and services.
The U.N. Development Program has called for the US to restore funding.
In a statement on Friday, the bank said it is working with other partners to improve access to financing for development.
“We are pleased to see that the United States administration is making some changes to its current aid program,” the bank wrote.
“These changes will help us better coordinate our efforts to ensure that the money we spend on development is more effectively used to strengthen the livelihoods of millions of people.”
It said the U of A’s Institute for Economic and Social Research, which the bank chairs, has received $4.7 billion in aid since Trump took office in January.
The fund, the World Development Indicators, has been on a steady decline for years, dropping from a record $17.9 billion in 2016 to $12.4 billion in 2018.
The US cuts US funding for the agency will save $1.5 billion, or 1.3 percent of the budget, it said.
The World Health Organization has also said that it has not seen a significant impact on access to health care and other essentials for people living in developing countries in the last year.