US President Donald Trump lashed out at the World Bank on Friday, blaming the international financial institution for lending money to China.
"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 on Twitter.
The president was reiterating a position long held by his administration, including David Malpass when he was a Treasury Department official prior to his election as the current head of the World Bank.
Trump's message on the World Bank was also echoed by his treasury secretary, Steven Mnuchin, who told a House of Representatives committee on Thursday that the United States "has objected" to the institution's multi-year programme of loans and projects in China.
That programme was nonetheless adopted on Thursday. It plans to reduce its lending to China.
The programme "reflects the evolution of our relationship with China," Martin Raiser, World Bank Country Director for China, said on Thursday. "Our engagement will be increasingly selective."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app