GOP Senators Unveil Bill to End Lending to Chinese Regime From Multilateral Development Banks

Eighteen Republican senators introduced legislation on Wednesday to end lending to China from multilateral development banks, including the World Bank and the Asian Development Bank. The new bill (pdf), S. 2587, would establish that it is U.S. policy to oppose any additional loan, extension, or technical assistance from multilateral development banks to China. Multilateral banks were created to assist developing countries and help eliminate extreme poverty, but the Chinese Communist Party (CCP) continues to receive low-cost loans and assistance from the World Bank and the Asian Development Bank, despite overseeing the world’s second-largest economy, according to a release from the lead sponsor of the bill, Sen. John Barrasso (R-Wyo.). “China is the second largest economy and the largest single creditor in the world,” Barrasso said in a statement. “There is no reason why China should still be receiving loans from the World Bank or the Asian Development Bank. As China obtains subsidized loans, it is …Read More

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