President Joe Biden and Kenya's William Ruto want economies around the globe to take action to reduce the enormous debt burden crushing many developing nations. Their call to action comes as Biden presses his argument to African nations that the U.S. can be a better partner than China, which has been deepening its presence on the continent.
President Joe Biden and Kenya’s President William Ruto shake hands as they meet with business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024. President Joe Biden welcomes Kenya’s President William Ruto to the White House in Washington, Wednesday, May 22, 2024. Kenya’s President William Ruto speaks during meeting with President and business leaders in the East Room of the White House in Washington, Wednesday, May 22, 2024.
Separately, a $1.2 trillion government funding bill passed by Congress in March allows the U.S. to lend up to $21 billion to an International Monetary Fund Poverty Reduction and Growth Trust, which provides zero-interest loans to support low-income countries as they work to stabilize their economies, boost growth and improve debt sustainability. That funding is expected to be made available to the IMF in the coming weeks.
Biden was also informing Congress on Thursday that he will designate Kenya a major non-NATO ally, according to the White House The U.S. has pledged $300 million in financial assistance for the Haiti mission, which will also include support from the Bahamas, Barbados, Benin, Chad and Bangladesh. Ruto is expected to discuss the coming mission with Biden, Defense Secretary Lloyd Austin and other officials during his Washington talks.
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