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    Money Matters: After the US aid cuts, who are the new biggest implementers?

    USAID’s new top 15 implementers; MCC under attack; and everything from the World Bank and IMF Spring Meetings.

    By David Ainsworth // 28 April 2025
    Sign up to Money Matters today.

    We’ve spent weeks mapping the impact of cuts to USAID and other agencies on the sector — and the news is still coming, with word last week of another U.S. aid agency under the ax. But now, we’re also starting to look forward to what happens next. What will the Trump administration’s plans for the future look like — and who’s best survived the cuts?

    + Are there topics you want to read more about in Money Matters? We want your feedback.

    Still standing

    The cuts to USAID have been sudden and brutal. But some have survived — after a fashion, at least. A recent leaked list submitted to the U.S. Congress shows that programs worth billions of dollars will remain active.

    This is a preview of Devex Money Matters
    Sign up to this weekly newsletter and get the latest in development funding in your inbox every Monday.

    While it’s not at all clear how many dollars are actually flowing to partners right now, we’ve mapped out who’s got the most funding that’s active, but not yet obligated, which at least offers an indication of who may be in the best position.

    Read: Who’s still standing? USAID’s new top 15 implementers (Pro)

    On Tuesday, May 6, we’ll host an exclusive briefing for Devex Pro members to evaluate the first 100 days of the Trump administration and the impact on global development. Save your spot now.

    + Not yet a Devex Pro member? Start your 15-day free trial now to access the event as well as all our expert analyses, insider insights, funding data, and more.

    Funding activity

    We publish tenders, grants, and other funding announcements on our Funding Platform. Here are some of the ones that have been viewed the most in the past 10 days.

    The Asian Development Bank has approved a $125 million loan to reduce methane leakage by rehabilitating aging gas distribution networks in five provinces in China.

    The Inter-American Development Bank has announced a project to produce a policy road map to increase investment in research and development in Barbados.

    The International Fund for Agricultural Development has signed a €3 million ($3.4 million) loan for the creation of new jobs for farmers and small rural businesses in Benin.

    The United Nations Development Programme is interested in contracting a firm for the provision of translation services in North Macedonia.

    UNICEF is looking to hire an institution to carry out a study on residential care and its reform in Timor-Leste.

    The World Bank is seeking a partner to develop guidelines for health care waste management in Egypt.

    + Try out Devex Pro Funding today with a free five-day trial and explore funding opportunities from over 850 funders with the data analysis and industry intelligence you need to win them, in addition to all our exclusive analyses and news content.

    Will it survive? Wait and MCC

    The Millennium Challenge Corporation — a U.S. development agency — could be the next body to face major cuts from the Trump administration’s Department of Government Efficiency.

    An email on Tuesday, distributed widely to the agency’s 300-odd staffers, said: “While the Foreign Assistance Review has not yet concluded, we understand from the DOGE team there will soon be a significant reduction in the number of MCC’s programs and relatedly the agency’s staff.”

    There were hopes that MCC would be spared — after all, it’s a Republican-founded agency widely seen as a tool to battle the influence of China. But no dice, it seems.

    Scoop: Elon Musk’s DOGE takes aim at Millennium Challenge Corporation

    Related reading: 20 years of MCC — how big dreams faced tough realities (Pro)

    A week for the World Bank

    For those interested in what happened at the World Bank and International Monetary Fund Spring Meetings, you don’t need to limit yourself to this bulletin. We’ve gathered everything you need to know in a special edition newsletter, and on a dedicated web page.

    The highlights: It was a surprisingly normal week of World Bank meetings in Washington, despite the huge disruption to the global economy caused by the host country. The focus of the week was nominally on jobs, but there didn’t seem to be many new initiatives designed to deliver them.

    There were strong signals from U.S. Treasury Secretary Scott Bessent that the U.S. plans to stick by the bank, although worries remain about contributions to the bank’s fund for the poorest countries, the International Development Association. The bank doesn’t seem to have shifted its investment priorities much on issues such as climate, despite some tweaks in messaging.

    And on the elephant in the room — debt, which is arguably the biggest development challenge facing the global south — there was not much to be said at all. My colleagues tell me that U.S. tariff announcements are already making it harder to tackle debt effectively, in many different ways.

    Explore: All you need to know from the 2025 World Bank-IMF Spring Meetings

    Cuts, cuts, cuts

    The reduction in spending from the United States is rippling through the multilateral system. Last week, we saw cuts at the World Food Programme and World Health Organization, to go with previously announced reductions at the United Nations Office for the Coordination of Humanitarian Affairs and the International Organization for Migration. When all is said and done, we can expect to see a seriously pared-down set of institutions at the U.N. and beyond.

    Exclusive: WFP to cut up to 30% of staff amid aid shortfall

    Read: WHO to slash senior leadership and departments to about half

    Sign up to Money Matters for an inside look at the biggest stories in development funding.

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    About the author

    • David Ainsworth

      David Ainsworth@daveainsworth4

      David Ainsworth is business editor at Devex, where he writes about finance and funding issues for development institutions. He was previously a senior writer and editor for magazines specializing in nonprofits in the U.K. and worked as a policy and communications specialist in the nonprofit sector for a number of years. His team specializes in understanding reports and data and what it teaches us about how development functions.

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