OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» ‘Out The Back Door’, Questioning The Death Of Jeffrey Epstein
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 10:51 am by PurpleSkyz

» ‘Curiouser & Curiouser’, Is Joe Biden Serving Two Masters?
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 10:48 am by PurpleSkyz

» The Lancet says climate change is a “medical emergency”
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 10:38 am by PurpleSkyz

» There Is a Vaccine Death Witness Protection Program???
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 10:27 am by PurpleSkyz

» Plant-Based Eating 101: Everything You Need to Know
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:44 am by PurpleSkyz

» Died Suddenly's - 01/30/23
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:39 am by PurpleSkyz

» Study of 500,000 Medical Records Links Viruses to Alzheimer's Again And Again
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:25 am by PurpleSkyz

» Davos Reset
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:18 am by PurpleSkyz

» Hanoi Jane Says Racism To Blame For ‘Climate Crisis
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:15 am by PurpleSkyz

» We Have Our Own Code Now! Z28.310 – The code designated for the Unvaccinated
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:07 am by PurpleSkyz

» Massive Fire Sweeps Egg Farm, 16 Fire Departments Needed to Contain It
BREAKING:World Bank chief backs launch of BRICS bank EmptyToday at 12:01 am by PurpleSkyz

» Feds prosecute Utah doctor who dumped out mRNA shots and worked with parents to free kids from vax mandates
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 3:49 pm by Kcantrell

»  Medicinal plants: five herbs that can help boost respiratory health
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 2:03 pm by PurpleSkyz

»  You Are Not Sick. You Are Being POISONED
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 12:07 pm by PurpleSkyz

» Mysterious whiting events in the ocean have scientists baffled
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 11:58 am by PurpleSkyz

» Watch: Damar Hamlin Makes First Remarks on Video Since Suffering Cardiac Arrest
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 11:41 am by PurpleSkyz

» Observations on the Paul Pelosi/David DePape Videos – What Looks Weird and What’s Missing?
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 11:35 am by PurpleSkyz

» Take Action Now: Demand Accountability for COVID-19 Wrongdoing In Your State!
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 11:27 am by PurpleSkyz

» Eerily Perfect Galaxy-Shaped Spiral Appears over Hawaii. What is it?
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 2:17 am by PurpleSkyz

» Book of Enoch Explained
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 2:12 am by PurpleSkyz

» Max Igan - Freedom Moon Rising
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 1:59 am by PurpleSkyz

» WE TOLD YOU SO!!!
BREAKING:World Bank chief backs launch of BRICS bank EmptyYesterday at 1:41 am by PurpleSkyz

You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » FINANCIAL COLLAPSE » BREAKING:World Bank chief backs launch of BRICS bank

BREAKING:World Bank chief backs launch of BRICS bank

Go down  Message [Page 1 of 1]

ymoilman2



World Bank chief backs launch of BRICS bank

World Bank chief says new entrants will help the multilateral lender battle poverty and spur growth rather than threaten its position
PUBLISHED : Wednesday, 09 July, 2014, 5:20am
UPDATED : Wednesday, 09 July, 2014, 5:20am
Victoria Ruan in Beijing victoria.ruan@scmp.com


Jim Yong Kim said the World Bank agreed to launch a study in collaboration with Beijing on reforms for China's health sector.
World Bank president Jim Yong Kim welcomed the initiatives of establishing two new multilateral lenders, saying they would not pose a threat to the Washington-based institution and would instead help it fight poverty and spur economic growth.
The world's five key emerging nations of Brazil, Russia, India, China and South Africa have proposed the launch of the BRICS Development Bank. President Xi Jinping also broached the idea in October last year to set up a US$50 billion Asian Infrastructure Investment Bank to finance projects in the region.
The initiatives are expected to boost China's clout, which sparked concerns that the new banks might compete with existing multilateral lenders, such as the World Bank and the Asian Development Bank, in which Washington and Tokyo have the biggest voting rights respectively.

Kim refuted such concerns yesterday during his three-day visit to China, saying the World Bank would not treat the new banks as rivals but would share its expertise with them.
"For us, our competition is poverty. Our enemy is lack of economic growth. Another enemy is growth that is not inclusive," he said. "We have no choice but to welcome any new entrants because every new entrant will help us battle poverty."
He said the need for new investments in infrastructure would be massive, with such funding needs in developing countries estimated at US$1 trillion a year, while the World Bank alone could only offer US$60 billion last year.
Xi will attend the sixth BRICS summit in Brazil next Tuesday and Wednesday, with the new BRICS bank likely on his agenda in talks with his peers there.
Finance Minister Lou Jiwei said earlier that Beijing might act as the biggest shareholder in the proposed Asian Infrastructure Investment Bank, taking possibly up to a 50 per cent stake. He said the bank would complement and cooperate with the existing multilateral lenders.
Kim said the World Bank agreed to launch a study in collaboration with Beijing on reforms for China's health sector in a bid to help the country accelerate its efforts to provide "affordable quality care", especially for its ageing population and a middle class facing chronic diseases.

The World Bank has forecast China's economic growth rate will reach about 7.6 per cent this year before easing to 7.5 per cent in 2015. Such a slowdown, Kim said, was a natural result of the government's rebalancing reforms that sought to cut the economy's reliance on trade and investment to favour domestic consumption.
"When you are making the kind of changes that the Chinese government is going through, it should not surprise anybody the growth has slowed," he said. Beijing is aware of the need to stick to the reform agenda in order to pursue high-quality growth. The process had been "so far, so good", he said.
On the Sino-United States strategic and economic dialogue due to start today in Beijing, Kim said the two leading economies had many common interests and concerns to share, including climate change, trade and stability in the Middle East.
This article appeared in the South China Morning Post print edition as Kim backs launch of BRICS bank

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum