TIL Desk/World/Washington/ US President Donald Trump has criticized the World Bank for loaning money to China on low-interest rates and urged the institution to stop lending to Beijing. “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 tweeted on Friday.
Trump”s criticism comes after the World Bank on Thursday adopted a plan to lend China $1 billion to $1.5 billion in low-interest loans annually for the period between 2020 and 2025. US Treasury Secretary, Steven Mnuchin, also reacted to the World Bank”s announcement.
In a Congressional hearing, he said on Friday that the Trump administration had opposed the new five-year framework lending plan by the bank that has already loaned over $1 billion to China this year. “We negotiated significant reductions in China lending with a path to get below $1 billion. We submitted our objection to the current country plan,” Mnuchin said.
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