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    • News
    • UNGA 2023

    Exclusive: US balked at advancing UN $500B development stimulus

    The United States seeks a diminished role for the United Nations in the reform of the international financial system.

    By Colum Lynch // 19 September 2023

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    For much of the past year, United Nations Secretary-General António Guterres promoted a plan for the world’s highest-income countries to establish a $500 billion-a-year stimulus plan to accelerate the global quest to achieve the Sustainable Development Goals by 2030.

    The Biden administration has its reservations.

    In closed-door negotiations in New York this month, the United States — alongside Australia, Canada, Japan, New Zealand, and the United Kingdom — sought to water down a provision that would commit world leaders to “advance” Guterres’ proposal in a “timely manner.” Instead, the U.S.-led group suggested they merely “continue to discuss” the U.N. chief’s stimulus plan.

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    More reading:

    ► SDRs and the RST: Explaining the acronyms of the IMF's currency system

    ► Exclusive: US, allies block major UN development declaration

    ► Treasury: Need for development banks’ reform is ‘unequivocally clear’

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    About the author

    • Colum Lynch

      Colum Lynch

      Colum Lynch is an award-winning reporter and Senior Global Reporter for Devex. He covers the intersection of development, diplomacy, and humanitarian relief at the United Nations and beyond. Prior to Devex, Colum reported on foreign policy and national security for Foreign Policy Magazine and the Washington Post. Colum was awarded the 2011 National Magazine Award for digital reporting for his blog Turtle Bay. He has also won an award for groundbreaking reporting on the U.N.’s failure to protect civilians in Darfur.

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