Prepared Floor Remarks by U.S. Senator Chuck Grassley of Iowa
On the World Bank Funding China
Thursday, December 5, 2019
I’ve received word that the World Bank is planning to vote as I speak on a new Country Partnership Framework with China, committing the World Bank to providing China with billions of dollars in loans indefinitely.
China is now the world’s second largest economy and its per capita income is well above the level at which countries are supposed to “graduate” from needing World Bank assistance.
The United States is the World Bank’s largest contributor and the spending bill that funds the World Bank includes a provision for a big capital increase for the bank.
That’s an opportunity for Congress to weigh in and we should take it.