Seoul Music: Replenishing $ for the World Bank in the middle of a declaration of martial law by South Korea’s unpopular leader.
Never mind, another round of giving away taxpayer dollars to the global blob went on as planned
The World Bank band plays on in South Korea despite political turmoil in the streets.
It’s fair to assume this week’s (quickly rescinded) declaration of martial law in South Korea was not on the World Bank’s bingo card when it planned to host the final meeting for the 21st replenishment of the International Development Association in Seoul.
But the tumultuous turn did not stop country representatives gathering Thursday for the start of a two-day meeting to top up the bank’s fund for low-income countries.
“I would like to express my gratitude for you attending this meeting, despite other events,” Kim Beomseok, South Korea’s first vice minister of economy and finance, told the audience Thursday. “Our economic and political structures remain stable and we continue to operate without any disruption. I believe that the process of resolving other events is the evidence of Korean democracy’s resilience. I can assure the safety of all participating delegations.”
The opening ceremony featured some fantastic violin playing by 10-year-old Yeonah Kim as well as a recap of some of this year’s early pledges.
Tellingly, the likes of Denmark (with its 40% increase compared to the last IDA replenishment in 2021), Croatia (a 115% increase), and the United Kingdom (40% increase) were all flashed on the big screen in percentage terms. All except the United States, whose pledge of $4 billion from last month appeared only as a “$500 million” increase on its 2021 pledge. What’s that in percentage terms? 14%.
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