October 12, 2013 / 10:29 PM / 4 years ago

U.S. just days away from 'very dangerous moment': World Bank

World Bank President Jim Yong Kim addresses the plenary session at the start of the annual IMF-World Bank fall meetings in Washington, October 11, 2013. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - The president of the World Bank on Saturday warned the United States was just “days away” from causing a global economic disaster unless politicians come up with a plan to raise the nation’s debt limit and avoid default.

“We’re now five days away from a very dangerous moment. I urge U.S. policymakers to quickly come to a resolution before they reach the debt ceiling deadline...Inaction could result in interest rates rising, confidence falling and growth slowing,” World Bank President Jim Yong Kim said in a briefing following a meeting of the bank’s Development Committee.

“If this comes to pass, it could be a disastrous event for the developing world, and that will in turn greatly hurt developed economies as well,” he said.

Reporting by Anna Yukhananov and Lidia Kelly; Editing by Andrea Ricci

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