Nita Lowey: “I understand that it is quite easy in a time of fiscal belt tightening to offer an amendment to reduce funding for…”

“I understand that it is quite easy in a time of fiscal belt tightening to offer an amendment to reduce funding for international financial institutions, but I would encourage my colleagues to recognize that voting in favor of this amendment has serious consequences for U.S. interests. The amendment would cut funding to the Asian Development Fund, which provides loans and grants to support basic health care, education, infrastructure, and economic development resources to frontline countries such as Pakistan and Afghanistan. The International Development Association which provides debt relief to developing countries and is supporting an integrated agricultural initiative to address the global food crisis. The Global Environment Facility, which provides grants and loans to preserve some of the most vulnerable habitats in the world. The International Fund For Agricultural Development, which provides grants and loans to the poorest of the poor to support food security programs as a compliment to U.S. Government-funded programs. The amendment would undermine the ability of the United States to meet its commitment to global debt relief efforts and to countries around the world that rely on grants and loans from these institutions to stabilize their economies. The U.S. Chamber of Commerce strongly opposes this amendment.”