WASHINGTON: Spain has pledged an early financial commitment of £400 million to the International Development Association (IDA), the World Bank's fund dedicated to low-income countries. This latest contribution underscores Spain's ongoing support, bringing its total contributions to over £5 billion since the IDA's inception. According to Ghana News Agency, the announcement was made during the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings. This commitment arrives ahead of the final 21st replenishment meeting, IDA21, scheduled for December, amidst a backdrop of global economic challenges. These include high levels of debt and repayment difficulties that disproportionately affect low-income nations. A recent World Bank report highlights that the world's 26 poorest countries are experiencing their highest debt levels since 2006, exacerbating their vulnerability to natural disasters and other economic shocks. Spain's Minister of Economy, Trade and Business, Carlos Cuerpo, expressed optimism that other countries would follow Spain's lead in supporting essential financing efforts to combat poverty and inequality. "This commitment exemplifies Spain's resolve and dedication to achieving the Sustainable Development Goals, and our belief in IDA's ability to move the needle," he stated. World Bank Group President Ajay Banga emphasized the importance of Spain's support, noting that it would enable IDA to continue fostering stability, security, and economic opportunities in the most affected regions. In a bid to alleviate economic burdens on vulnerable economies, Spain has also incorporated contingency clauses into its official loans, allowing for the suspension of debt service payments during crises such as natural disasters or health emergencies. The IDA21 replenishment process, which spans a year, will conclude with a final pledging meeting in Seoul this December. The previous replenishment, IDA20, secured a $93 billion package aimed at financing initiatives to stimulate economic growth, en hance resilience, and improve living conditions in developing countries.