World Bank lobbies for capital boost despite Trump budget cuts

Washington

WORLD Bank President Jim Yong Kim said it's important the US vote to replenish the development lender's capital even after President Donald Trump proposed slashing foreign aid.

"For us to not get a capital increase and step back from middle-income countries, we think will be bad for the world," Mr Kim said in an interview in Tanzania's commercial capital, Dar es Salaam. "For emerging market economies, generally, getting access to capital has been difficult."

As part of his "America First" doctrine, Mr Trump has vowed to prioritise the interests of US workers and families in decisions on foreign policy. Mr Trump's first budget outline released last week proposed deep cuts to programmes that send US money to other countries or involve international institution…