G-20 chiefs: World economic growth to revive later this year on WTOP| WASHINGTON (AP) — The global economy is likely to pull out of a brief growth slump later this year — with a little help from the world’s central banks and from U. S. and Chinese trade negotiators. Global finance leaders gathered…
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.
