US Secretary of the Treasury Steven Mnuchin stands with others during a group photo of G-20 Finance Ministers and Central Bank Governors at the 2018 IMF/World Bank spring meetings April 20, 2018 in Washington, DC. (AFP / Brendan Smialowski)
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US Treasury Secretary Steven Mnuchin on Saturday signaled Washington would support the World Bank request for a sharp increase in lending capacity in exchange for reforms to curb loans to higher income countries like China.The United States rejected the World Bank request in October but on Saturday Mnuchin praised the progress the institution was making, notably the plan "to significantly shift lending to poorer clients". While he did not mention China by name, Mnuchin applauded the shift to a "new income-based lending allocation target and the re-introduction of differentiated pricing" for loans -- meaning wealthier countries would pay higher interest rates.The World Bank is seeking a $13 billion capital increase, according to press reports.World Bank President Jim Yong Kim said Friday the institution held "extensive detailed discussions" with member countries on the changes needed to win approval but he denied the reforms targeted any specific economy.
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