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The World Bank has agreed to reduce China's loans for U.S.

Source:Iris Liang Time:2018-4-16 13:49:37

The World Bank's President Jim Yong Kim and U.S. Treasury Secretary Mukuchin have reached a compromise recently. The World Bank will change its loan mode and reduce the amount of loans China will receive. This is part of the agreement reached between the bank and the Trump administration. The purpose is to win Washington’s support for its $13 billion capital increase plan. Although facing an unfair environment, SEKO Machinery will not give up offering our advanced pipe leveling machines to the world. 

The British Financial Times Chinese website reported on 16th that the compromise was reached by the Bank’s President Jim Yong Kim and US Treasury Secretary Muchinchin in recent days. It is expected that it will lead the behind-the-scenes talks at the International Monetary Economic Organization (IMF) held in Washington this week and the World Bank Spring Meeting.
The World Bank has promised to provide loans to poorer economies in return for a U.S. capital increase to support a plan that the shareholder countries inject $7.5 billion into the Bank’s main agency, the International Bank for Reconstruction and Development, and additionally focus on the private sector agencies. IFC injected US$5.5 billion in funds, and countries such as China would be assigned to a new group with a higher loan interest rate.
A senior U.S. Treasury official told the Financial Times that a reform that the World Bank should focus on is to provide loans to countries that need it most. He said that the "ultimate goal" is "to allow the world's economic growth to accelerate and the median income to increase, which means that the key developing countries."
The "Financial Times" reported that the U.S. concern is that the World Bank will issue loans to the countries that have been competing with the United States for more than trillions of U.S. dollars in foreign exchange reserves since Obama. However, Jin Hao has argued that providing loans to the rising China will help to consolidate the future of the World Bank while allowing the World Bank to have a say in China’s economic reforms.
The Trump administration’s push for the World Bank’s efforts to reduce lending to countries such as China may take some time to work. Some people familiar with the negotiation situation stated that in the process of determining the new loan group in these countries, the cost of capital in China will not rise immediately. Instead, they said that the interest rates charged to countries such as India and lower countries may be reduced.

The World Bank declined to comment.



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