Trump calls on the World Bank to stop lending to China

U.S. President Donald Trump is seen during his press conference at the 2018 NATO summit in Brussels, Belgium July 12, 2018.

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US President Donald Trump on Friday called on the World Bank to stop lending money to China, the day after the institution adopted a plan to lend to Beijing despite objections from Washington.

The World Bank on Thursday adopted a plan to help China with $1 billion to $1.5 billion in low-interest loans a year through June 2025. The plan calls for loans to “gradually decline” from the previous five-year average of $1.8 billion.

“Why is the World Bank lending money to China? Is it possible? China has a lot of money, and if it doesn’t have it, it creates it. STOP!” Trump wrote in a Twitter post.

Tweet from Trump

“World Bank lending to China has fallen sharply and will continue to fall under our agreement with all of our shareholders, including the United States,” the World Bank said in a statement emailed to Reuters. .

“We eliminate loans as countries get richer.”

White House spokespersons declined to comment on the case.

The World Bank lent China $1.3 billion in fiscal year 2019, which ended June 30, down from about $2.4 billion in fiscal year 2017. .

But the fall in World Bank lending to China is not fast enough for the Trump administration, which has argued that Beijing is too rich for international aid.

Troy M. Hoffman