Donald Trump has called for the World Bank to stop lending money to China, a day after the institution adopted a lending plan to Beijing despite Washington’s objections. The World Bank on Thursday adopted a plan to aid China with $1bn to $1.5bn in low-interest loans annually until 2025.
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!
— Donald J. Trump (@realDonaldTrump) December 7, 2019
The president was reiterating a position long held by his administration, including David Malpass when he was a treasury department official before his election as the current head of the World Bank.
Trump’s message on the World Bank echoed his treasury secretary, Steven Mnuchin, who told a House of Representatives committee on Thursday that the US has objected to the institution’s multi-year program of loans and projects in China.
China envoy warns of destructive forces trying to undermine US ties.The World Bank loaned China $1.3bn in the fiscal 2019 year, which ended on 30 June, a decrease from about $2.4bn 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.
The program reflects the evolution of our relationship with China Martin Raiser, the World Bank’s China director, said on Thursday.
“Our engagement will be increasingly selective.”
The White House and the World Bank did not immediately respond to requests for comment about Trump’s remark.