‘China should create wealth, Stop loaning them money,’ Trump tells World Bank
THE United States Donald Trump has asked the World Bank to desist from assisting China with more loans in the coming years.
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025.
With the ongoing trade war between the two world economic powers, the US president on Friday in a tweet criticised the new plan to furnish China with a new loan of $1. Billion to $1.5 billion come June 2020.
Trump had said China is economically stable and wealthy, hence, does not require international aid.
“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 lashed out in a Twitter post.
For the 2019 fiscal year, the bank had furnished the Asian country with $ 1.3 billion which is a decrease from $2.4 billion made available in 2017.
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 plan calls for lending to “gradually decline” from the previous five-year average of $1.8 billion. However, the reduction rate of the bank obviously does not go well with the United States president who says the country can create its own wealth.