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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.)


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