WASHINGTON, Feb 11 — The World Bank is offering technical assistance to China to help battle the coronavirus epidemic but no new loans, the development lender’s president, David Malpass, said yesterday. Malpass told Reuters the bank was working with the World Health Organisation (WHO) to aid...
Tuesday, 11 Feb 2020 03:42 PM MYT
Malpass told Reuters the bank was working with the World Health Organisation to aid China, including offering advice about past health crises, but did not plan any financial assistance because China has ample resources of its own. “China has its own large international reserves,” and new loans are not being considered at this time, said Malpass, a former Trump administration Treasury official who took over as World Bank president last April.In a January 29 statement, Malpass expressed sympathy for losses suffered by the Chinese people, adding: “This is a severe public health challenge for China and the rest of the world. It calls for ongoing coordinated action and continued transparency inside China and around the world.
Economic growth is expected to slow to 5 per cent or less this quarter because of the virus, one Chinese government economist estimates. A former Bear Stearns and Co chief economist who advised President Donald Trump’s 2016 election campaign, Malpass has called for more of the bank’s resources to be devoted to poorer countries in Africa, Asia and Latin America.
The World Bank in December adopted a new five-year China plan that calls for US$1 billion to US$1.5 billion in annual lending, down from a US$1.8 billion annual average over the previous five years..
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