US backs out of Latin American development fund in sign of policy shift

Asuncion, Paraguay

THE US, historically a major backer of multilateral lending institutions, will not renew its contribution to an Inter-American Development Bank (IDB) fund that supports pilot development projects, the head of the Washington-based organisation said on Sunday.

In a news conference at the IDB's annual board of governors meeting in Paraguay's capital, Asuncion, President Luis Alberto Moreno linked the US decision to a policy shift since Republican President Donald Trump took office in January.