America First to increase its World Bank contribution?
The Trump administration is poised to back a $13bn capital increase for the World Bank in a package that would see significant lending reforms and an increase in China’s shareholding.
Barring last-minute hiccups, US Treasury secretary Steven Mnuchin is set to tell fellow World Bank shareholders at next week’s spring meetings in Washington that he will support an increase in the bank’s capital, a senior Treasury official confirmed to the Financial Times on Friday. The move would be a significant shift in the US administration’s attitudes towards multilateral institutions.