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Trump asks World Bank to halt lending to China


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Trump asks World Bank to halt lending to China

U.S. President Donald Trump asked the World Bank to revoke a plan to lend $1 billion to $1.5 billion to China over the next five years.

The president's Dec. 6 tweet came one day after the World Bank adopted the lending plan to provide the aid to China in the form of low-interest loans annually through June 2025, Reuters reported.

"Why is the World Bank loaning money to China?" Trump tweeted. "Can this be possible? China has plenty of money, and if they don't, they create it. STOP!"

The World Bank scales back its lending to countries as they become wealthy. The bank told Reuters that it has reduced lending to China and will continue to cut back under an agreement with its shareholders, including the U.S.

In fiscal 2019, the World Bank gave a loan of $1.3 billion to China that ended June 30, compared to about $2.4 billion in fiscal 2017, Reuters reported.