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US opposition blocks World Bank's capital increase www3.nhk.or.jp
A committee of the World Bank Group has failed to agree on a capital increase due to opposition from the United States.
The World Bank and IMF joint development committee met in Washington on Saturday. Representatives from Japan, the United States, China and other member nations discussed a proposal to boost the bank's capital to enhance its financial capacity.
But the World Bank's biggest financial contributor, the United States, reportedly argued that higher-income emerging economies such as China should be able to raise their own capital in the markets.
The World Bank is urging its members to agree on a capital increase when it holds meetings next spring.
However, it is unclear if they can reach an agreement, given the US stance on the issue.
Published Date:2017-10-16
