Ajay Banga / Bloomberg
Developing countries should move quickly to secure trade agreements with the United States, the president of the World Bank has warned.
Speaking with Agence France Press after a week of high-level meetings with global financial leaders in Washington, Ajay Banga urged nations to finalize deals with the U.S. “at the earliest possible opportunity” to help shore up the global economy.
Banga added World Bank has been advising developing nations to prioritize agreements with Washington before turning their focus toward lowering trade barriers and strengthening regional commerce.
“You need to negotiate trade systems with the US at the earliest possible [opportunity],” he said. “If you delay, it hurts everyone.”
Since taking office in January, President Trump has imposed a range of tariffs on countries around the world, including a baseline 10 percent tariff on everyone.
Banga also responded to criticism from U.S. Treasury Secretary Scott Bessent earlier this week over China’s “absurd” classification as a developing country.
Bessent went on to urge both Banga and IMF Managing Director Kristalina Georgieva to “prove themselves” and win the Trump administration’s trust.
“I don’t think he’s wrong,” Banga said of Bessent’s comments on China.
“A country that is the size of China and the capability of China, at some point, should no longer be taking money from IBRD.”
“My view is, I’ve brought it down to $750 million, and I’m trying to figure out a way to deal with China to bring it down further,” he continued.
“I want to get it done. And that’s what I’m talking to the Chinese about.”
An Indian-American businessman, Banga became president of the World Bank in June 2023 after being nominated by Joe Biden.
Before taking the role, he served as CEO of Mastercard, where he was credited with expanding the company’s reach in emerging markets.
Last year, it was reported that the bank had “misplaced” up to $41 billion in funds as a resulte of “poor record keeping.”
After World Bank “Misplaces” Up to $41 Billion in Funds, Biden Pledges Record $4 Billion More in U.S. Taxpayer Dollars
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