World Bank president holds China responsible for rising world debt

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World Bank president holds China responsible for rising world debt

 11 April 2019 09:18 PM
Direct : New World Bank President David Malpass said that the world has a lot of debt, noting that China is the main reason for this.

"China has moved very fast in some parts of the world and left a lot of debt, and that's something we can work with Beijing," Malpas told CNBC.

China provided trillions of dollars to other countries, including the United States. By January, China's holdings of US bonds amounted to about $ 1.12 trillion, according to official data.

The World Bank president had previously criticized China's lending efforts in the "Belt and Road" initiative, noting that these loans left poor countries with excessive debt.

However, Malpas said in remarks today that China wants to reduce lending efforts, noting that Beijing wants to have a better relationship with other countries and part of the world order.

Malpas also criticized China's borrowing of billions of dollars from the World Bank, despite being the second largest economy in the world and exceeding the limit for low-cost loans in 2016.

Malpas noted that World Bank loans to China are on the decline, adding that he expects this to continue over the next three years.

The World Bank's executive board announced Friday that Malbas, who was the campaign advisor for Trump, had been appointed new president over the next five years.