pcloudy.png
Sunday May 19th, 2019 8:41PM

US wants World Bank to give more support to poorest nations

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — The World Bank, a major source of development lending, needs to make more progress in shifting its loans away from fast-growing economies such as China and devoting more support to the world's poorest nations, Treasury Secretary Steven Mnuchin said Saturday.

The Trump administration was encouraged that the bank's private sector lending operation wanted to step up support for nations "affected by fragility, conflict and violence," Mnuchin said as the spring meetings of the bank and the International Monetary Fund wrapped up in Washington.

The World Bank, he said, needed to make sure that such support was aimed at boosting "private investments that are growth-enhancing and poverty-reducing." The U.S. wants to see "additional progress" in shifting more World Bank loans to poorer countries, he said.

The lending institution is a major source of development assistance for projects such as building damns for energy transmission. Mnuchin said investments in energy production represented a critical need to aid development in poorer nations.

The U.S. has succeeded in installing David Malpass, a longtime World Bank critics, as the bank's new president, although President Donald Trump said in a published interview that he had considered his daughter Ivanka, a White House adviser, for the job.

"She would have been great at that because she's very good with numbers. She's got a great calmness. ... I've seen her under tremendous stress and pressure," he was quoted as telling The Atlantic.

When Jim Yong Kim resigned suddenly as bank president earlier this year, reports said that Ivanka Trump along with Malpass were being considered for the job, which has always gone to an American.

Coinciding with the institutions' meetings was a gathering of world financial leaders and central banks, who said the global economy was likely to pull out of a brief slump later this year.

But a trade standoff between the United States and China threatens to dim the economic outlook.

"We must be mindful of an escalation of trade tensions," Japanese Finance Minister Taro Aso said Friday. Japan holds the chairmanship of the Group of 20 major economies.

The IMF cut its forecast for global growth from 3.6% last year to 3.3% in 2019, the slowest since the recession year 2009, but it predicts growth will return to 3.6% in 2020.

The U.S. and China, the world's two biggest economies, have imposed tariffs on $350 billion worth of each other's goods. They are battling over U.S. allegations that China deploys predatory tactics — including cybertheft and forcing foreign firms to hand over trade secrets -- in a sharp-elbowed effort to challenge American technological dominance.

Financial markets have rallied this year on hopes that the two countries will reach a settlement.

___

On Twitter, follow Paul Wiseman at https://twitter.com/PaulWisemanAP and Martin Crutsinger at https://twitter.com/mcrutsinger

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Online Headlines - Washington, AP Business, AP Business - Economy, AP Business - Industries, AP Business - Financial Services
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US wants World Bank to give more support to poorest nations
Treasury Secretary Donald Trump says the World Bank, which is a major source of development lending, needs to make more progress in shifting its loans away from fast-growing economies such as China and devoting more support to the world's poorest nations
11:56AM ( 11 minutes ago )
FIFA head wants refs to end soccer games if racism persists
FIFA president Gianni Infantino has called for a crackdown on racism at soccer games after several high-profile incidents, and encouraged referees to abandon matches in the worst cases
11:53AM ( 15 minutes ago )
Ukraine ambassador's car rammed in London; Police fire shots
The Ukraine Embassy in London says its ambassador's official car was rammed twice while parked in front of the embassy building
11:47AM ( 21 minutes ago )
Associated Press (AP)
Religious symbols proposal ignites fiery debate in Quebec
A proposal to ban many public employees from wearing religious symbols is creating a fiery debate in the Canadian province of Quebec, where people are fighting to freely practice their religion _ or to be free of it
10:44AM ( 1 hour ago )
Thousands rally in Serbia against populist leader Vucic
Thousands of people are gathering for a protest rally against Serbia's populist President Aleksandar Vucic as authorities deploy heavy police forces inside the parliament building
10:41AM ( 1 hour ago )
Top House Democrat steps up demand for Trump's tax returns
A top House Democrat is ratcheting up his demand for access to President Donald Trump's tax returns, telling the IRS that the law clearly gives Congress a right to them
10:20AM ( 1 hour ago )
AP Online Headlines - Washington
Growing number of states move to shield lottery winners
Arizona could be the next of a growing number of states moving to allow winners of big lottery jackpots to stay anonymous
9:11PM ( 14 hours ago )
NYC Chinese eatery heats up cultural appropriation debate
A white woman who touted her New York City restaurant as offering "clean" American-Chinese cuisine has become the latest target of outrage and accusations of cultural appropriation
8:50PM ( 15 hours ago )
Luke Walton out as Lakers coach after 3 losing seasons
The Los Angeles Lakers say they have mutually agreed to part ways with coach Luke Walton after three losing seasons
8:47PM ( 15 hours ago )
AP Business
S&P 500 notches 3rd straight weekly gain as US stocks rally
Stocks notched solid gains on Wall Street Friday, erasing most of the losses the market sustained after an uneven week of trading
5:00PM ( 19 hours ago )
Leading finance officials acknowledge global slowdown
Finance officials from the world's major powers acknowledged Friday that the global economy is in a slowdown
3:58PM ( 20 hours ago )
China seeks to reassure Europe at Croatia summit
China's prime minister has promised that his government will respect European standards and fair trade, seeking to allay concerns that it's flouting EU competition rules with huge investments on the continent
8:42AM ( 1 day ago )
AP Business - Economy
As cashless stores grow, so does the backlash
Are cashless stores discriminatory? New York City could follow New Jersey and Philadelphia with a ban as cities struggle with the potential impact of cashless stores on those who don't have credit or debit cards
3:13PM ( 20 hours ago )
Banks push US stocks higher after reporting solid profits
US stocks are marching broadly higher on Wall Street after banks reported solid quarterly results
2:52PM ( 21 hours ago )
Chevron vaults into new league on $33B Anadarko acquisition
Chevron to spend $33 billion on Anadarko Petroleum as US energy prices take off
12:32PM ( 23 hours ago )
AP Business - Industries
Prosecutors paint Avenatti as con man, he says claim 'bogus'
Attorney Michael Avenatti has been charged in a 36-count federal indictment alleging he stole millions of dollars from clients, didn't pay taxes, committed bank fraud and lied in bankruptcy proceedings
4:24PM ( 1 day ago )
Prosecutors label Avenatti a con man, he says claims 'bogus'
Attorney Michael Avenatti has been charged in a 36-count federal indictment alleging he stole millions of dollars from clients, didn't pay taxes, committed bank fraud and lied in bankruptcy proceedings
4:04PM ( 1 day ago )
Former top GOP on banking committee hired by Swiss bank UBS
Jeb Hensarling, the former congressman who led Republican's efforts to deregulate the banking industry after the financial crisis, is starting a new job as an employee of Swiss bank UBS
3:57PM ( 1 day ago )
AP Business - Financial Services
FIFA head wants refs to end soccer games if racism persists
FIFA president Gianni Infantino has called for a crackdown on racism at soccer games after several high-profile incidents, and encouraged referees to abandon matches in the worst cases
11:53AM ( 15 minutes ago )
Ukraine ambassador's car rammed in London; Police fire shots
The Ukraine Embassy in London says its ambassador's official car was rammed twice while parked in front of the embassy building
11:47AM ( 21 minutes ago )
Quebec proposes ban on religious clothing for public workers
A proposal to ban many public employees from wearing religious clothing is creating a fiery debate in the Canadian province of Quebec, where people are fighting to freely practice their religion _ or to be free of it
11:32AM ( 36 minutes ago )
Booker to launch campaign tour from city where he was mayor
Cory Booker will launch a national tour on Saturday at a rally that he hopes will play to his skill at connecting with crowds as he looks to gain momentum in the packed Democratic presidential primary
10:54AM ( 1 hour ago )
Pompeo prioritizes Venezuela crisis on Latin American tour
U.S. Secretary of State Mike Pompeo is making the economic and political crisis in Venezuela a central theme of his four-day Latin America tour
10:50AM ( 1 hour ago )