360° Coverage : World Bank warns US of 'dangerous moment' ahead

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World Bank warns US of 'dangerous moment' ahead
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World Bank warns US of 'dangerous moment' ahead

Oct 13 2013, 12:06am CDT | by IANS

Washington, Oct 13 (IANS) As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

Washington, Oct 13 — As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of...

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1 year ago

World Bank warns US of 'dangerous moment' ahead

Oct 13 2013, 12:06am CDT | by IANS

Washington, Oct 13 (IANS) As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

Washington, Oct 13 — As talks broke down between President Barack Obama and House Republicans on ending a standoff over federal shutdown and debt ceiling, World Bank President Jim Yong Kim warned of the disaster ahead.

"We are now five days away from a very dangerous moment," Kim said Saturday referring to the looming Oct 17 deadline when the US Treasury says it would hit the country's $16.7 trillion borrowing limit and run out of cash to pay its bills.

Urging US policymakers to quickly come to a resolution before they reach the debt ceiling deadline, he said "the closer we get to the deadline, the greater the impact will be for the developing world."

"Inaction could result in interest rates rising, confidence falling, and growth slowing," he said at the close of the annual World Bank-International Monetary Fund annual meetings here.

"If this comes to pass, it could be a disastrous event for the developing world, and that in turn will greatly hurt the developed economies as well," he said urging "US policymakers to avert this potential crisis."

Meanwhile, as the government shutdown headed into its 13th day, House Republicans said that their negotiations with Obama have stalled with the White House rejecting their latest proposal to raise the debt limit for a short term in return for talks on the budget.

Obama has said he doesn't want to begin long-term budget negotiations with congressional Republicans until the debt limit is raised and the government is re-opened, something the House Republicans have not agreed to so far.

After a House Republican Conference Saturday to mull the path forward, the 2012 Republican vice presidential candidate the House Budget Committee chairman. Paul Ryan, said there was "no deal as far as we're concerned."

The breakdown of talks dashed hopes of an early resolution of the crisis after two days of back and forth talks between the two sides amid signs of a thaw.

Meanwhile, in the Senate, Republicans blocked on a 53 - 45 vote a Democratic proposal that aimed to lift the debt ceiling through the end of 2014 without any spending offsets.

The White House condemned Republicans' rejection with press secretary Jay Carney saying, "It is unfortunate that the common sense, clean debt limit increase proposed by Senate Democrats was refused a yes or no vote today."

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 
Update
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1 day ago

Capitol Report: World Bank’s Kim sees new Asian bank as possible partner

Oct 24 2014 11:21am CDT | Source: MarketWatch

Despite Washington’s concerns that the new Asian Infrastructure Investment Bank may undercut existing institutions, it may be a co-investment opportunity and is a step towards sustained growth in emerging Asia, World Bank President Jim Yong Kim sai ...
Source: MarketWatch   Full article at: MarketWatch
 

 
Update
10

1 week ago

A Bank Chief Makes Ebola His Mission

Oct 13 2014 5:21pm CDT | Source: NewYorkTimes-Business Day

Dr. Jim Yong Kim, the World Bank president, has driven the normally lumbering bank to act on Ebola with uncharacteristic speed and become a key figure in a crisis that has exposed yawning gaps in the world’s capacit ...
Source: NewYorkTimes-Business Day   Full article at: NewYorkTimes-Business Day
 

 
Update
9

1 week ago

Liberia: World Bank Chief Calls for New Pandemic Emergency Facility

Oct 13 2014 6:24am CDT | Source: AllAfrica.com

[FrontPageAfrica]Washington -In the wake of a "late, inadequate and slow" global response to the Ebola outbreak, World Bank Group President Jim Yong Kim today called for the creation of a new pandemic emergency facility that would rapidly respond to future outbreaks by del ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
8

1 week ago

Liberia: World in Solidarity With Ebola Hit Nations

Oct 13 2014 5:41am CDT | Source: AllAfrica.com

[New Dawn]World Bank President Dr. Jim Yong Kim says the world community is united with West Africa and Liberia in a concerted global effort to safeguard lives in the wake of an Ebola outbreak, noting ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
7

1 week ago

Finance ministers pledge action to give global economy momentum, but follow-through often lags

Oct 12 2014 3:49am CDT | Source: Canadian Business Online

WASHINGTON – World financial leaders are pledging to act boldly and ambitiously to give a weak and uneven global recovery some momentum, but they have often fallen short in the past when trying to follow through on their promises. The pledge from the International Monetary Fund’s policy-setting committee comes after a week of volatile swings in the financial markets — powered by concerns that parts of Europe may be sliding ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
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5

2 weeks ago

IMF/World Bank: build infrastructure to fight malaise

Oct 11 2014 6:37pm CDT | Source: Business Insider

Washington (AFP) - The terms are hardly riveting: "new mediocre," "secular stagnation," "structural reform", "lowflation."But underpinning the economic geek-speak at the IMF-World Bank annual meetings were deep worries that the global economy is slipping backward.The meetings this week were fraught with concerns that the world still has not achieved escape velocity from the economic crisis, and for p ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

2 weeks ago

Africa: Ebola, Threat to Africa's Future - World Bank President

Oct 10 2014 2:57am CDT | Source: AllAfrica.com

[Daily Trust]Washington, DC -World Bank President Jim Yong Kim has warned that said unless the Ebola epidemic in West Africa is quickly contained, the future of Africa is at st ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
3

2 weeks ago

Finance chiefs meet under cloud of Euro-stagnation, Ebola

Oct 8 2014 10:07pm CDT | Source: Business Insider

Washington (AFP) - Stagnation in the eurozone, geopolitical crises, and a menacing health disaster in West Africa confront the world's leading finance officials as they meet in Washington beginning Thursday.Six years after the financial crisis, the world economy is growing, at a modest 3.3 percent annual pace, and could pick up next year, according to the International Monetary Fund.But the benefits of that are fragmented, and many pitfalls ...
Source: Business Insider   Full article at: Business Insider
 

 
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1

4 weeks ago

'Growth and Comfort Never Co-Exist': Clinton Global Initiative Panelist

Sep 22 2014 7:40pm CDT | Source: Forbes Real Time

New York City (Kitco News) - Former U.S. Secretary of State Hillary Clinton opened Monday's 10th annual Clinton Global Initiative program, hosting a discussion with World Bank Group president Jim Yong Kim and IBM's CEO, Ginni Rometty. This year's theme, Reimagining Impact, requires world leaders to ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 

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