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

 
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20 hours ago

Experts urge caution over Ebola hopes

Oct 30 2014 1:51pm CDT | Source: Business Insider

Monrovia (AFP) - Health authorities called Thursday for renewed vigilance over the Ebola epidemic and caution over claims it is retreating as the World Bank announced a $100-million fund for more health workers.The warning follows an announcement by World Health Organization (WHO) that data from funeral directors and treatment centres indicated lower admission rates and burials in Liberia, the nation hit hardest by t ...
Source: Business Insider   Full article at: Business Insider
 

 
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10

1 day ago

UN chief calls for urgent aid to avert new famine in Somalia

Oct 29 2014 2:00pm CDT | Source: The Nation - Pakistan

MOGADISHU - UN chief Ban Ki-moon warned Wednesday that Somalia risks returning to famine without urgent aid, as he visited the war-torn country three years since more than 250,000 people died of hunger. Ban, along with World Bank chief Jim Yong Kim, met Somali President Hassan Sheikh Mohamud inside the fortified airport zone in Mogadishu, guarded by troops from the ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
9

2 days ago

Red Cross, Obama see progress in Ebola battle

Oct 29 2014 12:35am CDT | Source: Business Insider

Monrovia (AFP) - The Red Cross and US President Barack Obama and have offered hope that the battle against the deadly West African Ebola outbreak is being won, amid a dramatic drop in bodies collected in Liberia's capital.Obama on Tuesday hailed progress in the fight against the disease, which has already killed almost 5,000 people, but said Washington would remain "vigilant," and stressed that ...
Source: Business Insider   Full article at: Business Insider
 

 
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8

2 days ago

Aid workers see hope as Ebola body count drops in Liberia

Oct 28 2014 1:06pm CDT | Source: Business Insider

Monrovia (AFP) - The Red Cross offered hope Tuesday of a turning point in the battle against the deadly west African Ebola outbreak, saying  it had seen a dramatic drop in bodies collected in Liberia's capital.The charity announced its workers were now picking up little over a third of the late September peak of more than 300 bodies a week in and around Monrovia -- an indication, it said, that the outbreak was retreating.  The announcement appears ...
Source: Business Insider   Full article at: Business Insider
 

 
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7

4 days ago

Donors pledge $8 billion for Horn of Africa

Oct 27 2014 2:50am CDT | Source: Business Insider

Addis Ababa (AFP) - International donors pledged $8 billion in development aid Monday for projects across eight countries in the Horn of Africa, UN chief Ban Ki-moon announced at the start of a visit to the region.The aid, from organisations including the World Bank, African Development Bank (AfDB), European Union and Islamic Development Bank (IDB), will support efforts to boost economies and stem conflict and hunger across the volatile regi ...
Source: Business Insider   Full article at: Business Insider
 

 
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6 days 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 said Frid ...
Source: MarketWatch   Full article at: MarketWatch
 

 
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4

2 weeks 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 capacity to respon ...
Source: NewYorkTimes-Business Day   Full article at: NewYorkTimes-Business Day
 

 
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3

2 weeks 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 t ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
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2

2 weeks 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
 

 
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1

2 weeks 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 into another recession. The IMF called ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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