us stance against chinaled bank embarrassing
Last Updated : GMT 18:08:33
Arab Today, arab today
Arab Today, arab today

Ex-Goldmans Executive Jim O'Neill:

US stance against China-led bank embarrassing

Arab Today, arab today

Arab Today, arab today US stance against China-led bank embarrassing

Ex-Goldmans Executive Jim O'Neill
Beijing - Arab Today

Washington's opposition to a new China-led development bank is "embarrassing" and "idiotic", a former top Goldman Sachs executive said on Thursday, as an increasing number of US allies embrace the institution.
Jim O'Neill, former chief economist at the US investment bank and chairman of Goldman Sachs Asset Management, made the comments about the Asian Infrastructure Investment Bank (AIIB) during a visit to Beijing.
The US has lobbied hard against the $50 billion project, but its efforts have not stopped powerful allies including Britain, Germany, France and Italy signing up, with Australia and South Korea considering joining.
"I certainly applaud the UK authorities for the decision they've made. I'd call it 'enlightened self-interest'," said O'Neill, who is known for having coined the BRIC acronym to refer to emerging powers Brazil, Russia, India and China.
"If you are a small, open economy, and you want to do things that are right for you, why would you not do that?" he added.
"I think it's rather embarrassing for the US that they -- for some idiotic reason -- started to complain about this."
The Obama administration has been waging an intense but low-profile lobbying campaign against the new bank, unveiled in October. Officials have insinuated that the AIIB would lower international development standards but Washington apparently underestimated China's appeal.
Several observers have cast blame for the debacle on US lawmakers.
The United States is blocking reforms of the International Monetary Fund (IMF) that would raise the voting rights of emerging powers, and sometimes is accused of neglecting the World Bank. Washington is the major stakeholder in both institutions.
"I wouldn't be surprised that if the US Treasury thought they could get it through Congress, they probably would have agreed themselves," said O'Neill, who was in Beijing to promote a British government-commissioned review on global antibiotics resistance.
"Of course, what the whole episode highlights -- in such a simplistic and clear way -- is how intransigent the US Congress is," he added.
OECD Secretary-General Angel Gurria, speaking to reporters in Beijing last week, blamed congressional "paralysis" for blocking the IMF changes.
"We're talking about a 2010 reform and then that is now being recycled and trying to be approved, and it just hasn't happened for whatever reason," he said, arguing that the "rather unfortunate situation" in Washington has led the US to lose global clout.
China's vice finance minister, Shi Yaobin, maintained Wednesday that Beijing "welcomes all countries" to join the AIIB "and make contributions to infrastructure improvement in Asia".
Source: AFP

arabstoday
arabstoday

GMT 20:21 2017 Tuesday ,21 November

Nader Mohamed underlines World Bank's support

GMT 12:51 2017 Wednesday ,08 November

Al Walwel says Palestinian people able

GMT 22:32 2017 Tuesday ,07 November

UK queen's offshore investments

GMT 19:27 2017 Monday ,30 October

Govt committed to economic reform

GMT 17:50 2017 Wednesday ,18 October

UK Brexit budget offer is 'peanuts'

GMT 07:18 2017 Monday ,09 October

takes eurozone farewell bow

GMT 15:08 2017 Sunday ,08 October

Deutsche Bank plots more moderate

GMT 16:07 2017 Saturday ,07 October

Saudi companies invest in liquefied gas
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stance against chinaled bank embarrassing us stance against chinaled bank embarrassing

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stance against chinaled bank embarrassing us stance against chinaled bank embarrassing

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday