World Bank president warns: Debt and trade problems are painting ‘a troubling picture’

Amid U.S.-China trade tensions and high levels of debt faced by low income countries, one message is clear, the president of the World Bank Group said on Thursday: Trade is important for the poor.

Speaking to CNBC on Thursday at the IMF and World Bank annual meetings in Bali, Indonesia, Jim Yong Kim said that the World Bank is trying to get the message across that trade is critical.

“We are trying to put evidence on the table which says trade is critical if we want to end extreme poverty,” he said. “Evidence is simply: We are here to end poverty, trade is important for that.”

  • Publisher: CNBC
  • Date: 2018-10-10T22:46:49-0400
  • Author: Author link
  • Twitter: @CNBC
  • Citation: Web link

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Not to change the topic here:

World Bank, IMF heads urge US, China to play by trade rules

Christine Lagarde, managing director of the International Monetary Fund, said she would advise Beijing and Washington to cool down, fix aspects of the world trading system that need fixing and “don’t break it.”

Asked about the escalating dispute between the U.S. and China, Lagarde said that so far there had been no “contagion” of major damage from penalty tariffs imposed by the two countries on each other’s exports, but that they do risk hurting “innocent bystanders.”

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The rules-making World Trade Organization, based in Geneva, has ways of addressing U.S. complaints that China’s policies unfairly extract advanced technologies and put foreign companies at a disadvantage in its push to dominate certain industries, she said. But she added that the WTO does need to work on addressing issues like subsidies.

  • Publisher: ABC News
  • Author: ABC News
  • Twitter: @ABC
  • Citation: Web link

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World Bank head says trade tensions could worsen poverty

Managing Director of International Monetary Fund (IMF) Christine Lagarde talks during a press conference ahead of the annual meetings of the IMF and World Bank in Bali, Indonesia on Thursday, Oct. 11, 2018. (AP Photo/Firdia Lisnawati)

The heads of the World Bank and IMF on Thursday urged the U.S. and China to play by world trade rules and de-escalate a dispute over Beijing’s technology development strategy that threatens to do lasting damage to the global economy.

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Lagarde and World Bank President Jim Yong Kim spoke separately on the sidelines of the lenders’ annual meeting in a resort zone of the tropical Indonesian island of Bali. The event brings together finance ministers and central bankers from many economies, amid tight security: a line of armed personnel carriers were lined up alongside a beach path and access to the area was tightly controlled.

  • Publisher: Fox Business
  • Twitter: @FoxBusiness
  • Citation: Web link

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US-China trade dispute could drag down global confidence, says Asian Development Bank president

The United States-China trade dispute is worrying because its hit to market confidence may be more significant than any real economic damage it inflicts, said Takehiko Nakao, president of the Asian Development Bank.

A rise in trade tensions ‘ excluding any fallout to the automotive trade ‘ will shave 1 and 0.2 percentage points off the growth rates of China and U.S. respectively, Nakao told CNBC on Thursday at the Annual Meetings of the International Monetary Fund and World Bank Group in Bali.

Bonds batter Bali

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Timber-rich Indonesia does not suffer from a lack of forests. But officials in Jakarta are definitely ruing their failure two decades ago to put down the roots of a better economic system.

With the rupiah plumbing its 1997-1998 depths, now is as good a time as any for President Joko Widodo to step up efforts to cultivate a better foundation for Southeast Asia’s biggest economy.

Indonesia is not alone in this regret. As Donald Trump’s trade war slams China, and emerging markets quake anew, Thailand and the Philippines are reliving the ’90s. The former faces liquidity shortfalls; the latter a currency in free fall.

  • Publisher: Nikkei Asian Review
  • Twitter: @NAR
  • Citation: Web link

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IMF’s Lagarde warns against trade, currency wars, urges fix to global rules

NUSA DUA, Indonesia (Reuters) – International Monetary Fund Managing Director Christine Lagarde on Thursday warned countries against engaging in both trade and currency wars, saying these would hurt global growth and imperil ‘innocent bystanders.’

Formally launching the IMF and World Bank annual meetings on the Indonesian resort island of Bali, Lagarde urged countries to ‘de-escalate’ trade conflicts and fix global trading rules instead of abandoning them.

The United States and China have slapped tit-for-tat tariffs on hundreds of billions of dollars of each other’s goods over the past few months, rattling financial markets as investors worry that the escalating trade conflict could knock global trade and investment.

  • Publisher: U.S.
  • Date: 2018-10-11T07:05:48+0000
  • Author: Leika Kihara
  • Twitter: @Reuters
  • Citation: Web link

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