Await Trump policies before reacting, says World Bank president
Ajay Banga says policymakers should wait to see what policies are actually executed
27 January 2025 - 16:25
byDuncan Miriri
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Dar es Salaam — Policymakers around the globe should not react in haste to announcements by US President Donald Trump’s administration and be prepared to argue their case, World Bank president Ajay Banga said.
Trump’s first week in office has seen a flurry of executive orders and policy plans, ranging from tariffs on Canada, Mexico and China to a review on all existing foreign assistance.
“My only advice to everyone is don’t be in too much of a hurry to respond or judge,” Banga told Reuters in an interview on the sidelines of the Mission 300 Africa Energy Summit in Tanzania’s commercial capital, Dar es Salaam.
Policymakers should wait to see what policies are actually executed, Banga said.
“I have dealt with him (Trump) in the past. He is a very practical man, he understands numbers, he understands leverage and he understands advantage. You have to go to him and explain to him what you bring.”
The US and Colombia pulled back from the brink of a trade war on Sunday after the White House said its third-largest US trading partner in Latin America had agreed to accept military aircraft carrying deported migrants.
Washington’s draft measures — now on hold — had included imposing steep and rising tariffs on all Colombian imports, a travel ban and visa revocations on government officials.
The World Bank could feel the effects of any travel restrictions.
“If their visas don’t work, that's a problem,” said Banga.
Asked about Friday's “stop-work” order issued by the US state department on all existing and future foreign assistance, Banga said the Washington-based lender was “not yet” affected as it operated differently to bilateral aid.
Asked about return to office plans for World Bank staff, Banga said he had no plans to change the mandate beyond the four days a week.
“I expect World Bank employees to be back four days a week. There's no plan to increase that to five.”
Trump has ordered federal workers to return to the office five days a week.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Await Trump policies before reacting, says World Bank president
Ajay Banga says policymakers should wait to see what policies are actually executed
Dar es Salaam — Policymakers around the globe should not react in haste to announcements by US President Donald Trump’s administration and be prepared to argue their case, World Bank president Ajay Banga said.
Trump’s first week in office has seen a flurry of executive orders and policy plans, ranging from tariffs on Canada, Mexico and China to a review on all existing foreign assistance.
“My only advice to everyone is don’t be in too much of a hurry to respond or judge,” Banga told Reuters in an interview on the sidelines of the Mission 300 Africa Energy Summit in Tanzania’s commercial capital, Dar es Salaam.
Policymakers should wait to see what policies are actually executed, Banga said.
“I have dealt with him (Trump) in the past. He is a very practical man, he understands numbers, he understands leverage and he understands advantage. You have to go to him and explain to him what you bring.”
The US and Colombia pulled back from the brink of a trade war on Sunday after the White House said its third-largest US trading partner in Latin America had agreed to accept military aircraft carrying deported migrants.
Washington’s draft measures — now on hold — had included imposing steep and rising tariffs on all Colombian imports, a travel ban and visa revocations on government officials.
The World Bank could feel the effects of any travel restrictions.
“If their visas don’t work, that's a problem,” said Banga.
Asked about Friday's “stop-work” order issued by the US state department on all existing and future foreign assistance, Banga said the Washington-based lender was “not yet” affected as it operated differently to bilateral aid.
Asked about return to office plans for World Bank staff, Banga said he had no plans to change the mandate beyond the four days a week.
“I expect World Bank employees to be back four days a week. There's no plan to increase that to five.”
Trump has ordered federal workers to return to the office five days a week.
Reuters
Trump wants Jordan and Egypt to take in Gazans
Meta to spend $65bn on AI goals, Zuckerberg says
Tesla investors pin hopes on cheaper EV model to grow sales
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.