Ajay Banga, president of the World Bank, therefore advised global authorities to avoid hasty responses to the policies of the new US administration, led by Donald Trump. Additionally, in an interview with Reuters during the Mission 300 Africa Energy Summit in Dar Es Salaam, Tanzania, Banga stressed the importance of a strategic approach to dealing with the Trump administration's initial announcements.
“My only advice to everyone is not to be too quick to respond or judge,” Banga said. He stressed the importance of waiting for policies to be effectively implemented before issuing statements or taking action.
Furthermore, Trump has marked his first week in office with controversial announcements, including tariffs on Canada, Mexico and China, as well as a review of existing foreign aid. Despite the initial impact, Banga believes, however, that solid arguments can persuade the US president, who has practical experience and financial knowledge. “You have to go to him and explain what you bring,” he said.
US and Colombia avoid trade war
The United States and Colombia on Sunday averted a looming trade war after talks involving military aircraft carrying deported migrants. The White House had considered imposing steep tariffs on Colombian imports and restricting travel and visas for Colombian government officials, but those measures were suspended after a deal between the parties.
According to Banga, possible travel restrictions imposed by the US could affect the operations of the World Bank, which depends on global mobility for its activities. “If their visas don’t work, that’s a problem,” he said.
External assistance under analysis
The World Bank president also commented on the U.S. State Department’s “stop work” order, which puts all existing and future foreign assistance on hold. He said the World Bank has not yet been directly affected by the measure, as it operates in a manner distinct from bilateral assistance.
Banga concluded his statement by reaffirming the need for cooperation and dialogue. He stressed that these actions are essential to mitigate the impacts of the Trump administration’s protectionist policies. He also emphasized the importance of protecting developing economies. Finally, he stressed the importance of keeping global financing and assistance channels fully operational.
Source: Duncan Miriri | Notícias Agrícolas
