Advertisement
Friday, Sep 24, 2021
Outlook.com
Outlook.com

'Why Is World Bank Loaning Money To China? Stop!': Donald Trump

The statement by the US President has come after the World Bank agreed to provide financial assistance to China with a five-year low-interest loan programme- USD one billion to USD 1.5 billion annually upto June 2025.

'Why Is World Bank Loaning Money To China? Stop!': Donald Trump
US President Donald Trump | File Photo
'Why Is World Bank Loaning Money To China? Stop!': Donald Trump
outlookindia.com
2019-12-07T16:34:56+05:30

US President Donald Trump lashed out at the World Bank on Friday for lending money to China, the world's second-largest economy and the bank's biggest borrower.

Urging the World Bank to stop providing money to Beijing, Trump said in a tweet, "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!"

The statement by the US President has come after the World Bank agreed to provide financial assistance to China with a five-year low-interest loan programme- USD one billion to USD 1.5 billion annually upto June 2025.

The World Bank has agreed to issue aid to China despite the objections by United States Treasury Secretary Steven Mnuchin.

On Thursday, Mnuchin told a House of Representatives committee that the US has objected to the institution's multi-year programme of loans and projects in China and said that he wants the World Bank to "graduate" Beijing from its concessional loan programmes for low- and middle-income countries.

Criticising the World Bank's lending plan, Charles Grassley, the chairman of the Senate Finance Committee, cited human rights abuses in Xinjiang with detention camps for Muslim Uighurs.

"The World Bank, using American tax dollars, should not be lending to wealthy countries that violate the human rights of their citizens and attempt to dominate weaker countries either militarily or economically," Al Jazeera quoted Grassley as saying.

(ANI)

Advertisement

Outlook Newsletters

Advertisement

Read More from Outlook

The Password Is Cheat: Tech-Savvy Scamsters Take Control Of Online Entrance Exams

The Password Is Cheat: Tech-Savvy Scamsters Take Control Of Online Entrance Exams

Prestigious tests like JEE and NEET have been breached. A few lakh of rupees can get you an engineering or a medical seat.

Can The Govt Convince Moody’s To Upgrade India’s Sovereign Ratings?

Can The Govt Convince Moody’s To Upgrade India’s Sovereign Ratings?

While cutting India’s rating, Moody’s had cited policy challenges in addressing a prolonged economic slowdown and its deteriorating fiscal position.

Broken Foot: An Artist's Comment On India's Caste System

Broken Foot: An Artist's Comment On India's Caste System

Mumbai-based artist, Prabhakar Kamble spoke to Outlook about his work – Broken Foot which appears on the cover of our latest edition. On the stands today.

Hathras: A Poet's Note On A Post-Truth World

Hathras: A Poet's Note On A Post-Truth World

It disturbing but it is important to remember that violence repeats itself in the same ways. Meena Kandasamy's poem is a poem that is invested in the social.

Advertisement