UPDATE 1-Trump calls for World Bank to stop loaning to China

Reuters | Washington DC | Updated: 07-12-2019 06:31 IST | Created: 07-12-2019 06:28 IST
UPDATE 1-Trump calls for World Bank to stop loaning to China
US President Donald Trump (File photo) Image Credit: ANI

U.S. President Donald Trump on Friday called for the World Bank to stop loaning money to China, one day after the institution adopted a lending plan to Beijing over Washington's objections.

The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to "gradually decline" from the previous five-year average of $1.8 billion. "Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don't, they create it. STOP!" Trump wrote in a post on Twitter.

Spokespeople for the White House and the World Bank did not immediately respond to requests for comment. The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.

But the fall in the World Bank's loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...


Latest News

Priyanka Gandhi congratulates NSUI for winning majority of seats in Varanasi university election

Congress General Secretary Priyanka Gandhi on Friday congratulated the partys student wing of Varanasi for winning the majority of seats in the Mahatma Gandhi Kashi Vidyapeeth Students Union election. Taking to Twitter, the Congress leader ...

Gymnastics-Nassar whistleblower repeats call for USAG decertification

Rachael Denhollander, the first woman to publicly accuse former USA Gymnastics doctor, Larry Nassar of sexual abuse, called again for the governing body to be decertified after a former coach accused of sexual assault died by suicide on Thu...

Equities tumble amid global selloff, private lenders hit

Equity benchmark indices cracked by nearly 1.5 per cent during early hours on Friday tracking similar feeble trend in global markets amid continued sell-off in bond markets. At 1015 am, the BSE SP Sensex was down by 802 points or 1.57 per c...

West Africa steps up efforts to tackle latest Ebola threat

So far, nine cases have been reported in Guinea, leading to five deaths. While there have been no confirmed cases beyond the West African nation so far, the outbreaks epicentre, Gouecke, NZerekore prefecture, is close to the borders of Libe...

Give Feedback