WHEN: TODAY, THURSDAY, October 6, 2016
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following are excerpts from the unofficial transcript of a CNBC interview with World Bank Group President Jim Yong Kim today at the IMF Fall Meeting on CNBC's "Squawk on the Street." Following is a link to a story on CNBC.com: http://www.cnbc.com/2016/10/06/world-bank-president-globalization-not-the-root-of-all-evil-its-made-out-to-be.html.
All references must be sourced to CNBC.
KIM ON POLITICS:
WE'RE NOT INVOLVED IN POLITICS. WE'RE A DEVELOPMENT BANK AND WE DON'T GET INVOLVED IN POLITICS. BUT WHAT WE'RE SEEING IS THERE'S A LOT OF UNCERTAINTY. UNCERTAINTY ABOUT POLITICAL OUTCOMES, UNCERTAINTY ABOUT VARIOUS MOVEMENTS. EVERYONE WAS EXPECTING THE COLOMBIA PEACE AGREEMENT TO PASS AND IT DIDN'T. EVERYONE WAS EXPECTING BREXIT TO BE DEFEATED AND IT WASN'T. SO THE UNCERTAINTY FOR US IS REALLY AN ISSUE BECAUSE IT IMPACTS DIRECTLY ON THE ECONOMIES OF DEVELOPING COUNTRIES AND ALMOST ALWAYS NEGATIVELY.
KIM ON TRADE:
THE THING WE WORRY ABOUT IS TRADE IS REALLY, REALLY IMPORTANT FOR ECONOMIC GROWTH. TRADE IS THE REASON THAT CHINA LIFTED SEVEN HUNDRED MILLION PEOPLE OUT OF POVERTY AND ALL THE TALK ON EVERY SIDE ABOUT LOOKING INWARD, ABOUT NOT EMBRACING THE REST OF THE WORLD, ABOUT BRINGING TRADE DOWN, WE'RE EXTREMELY WORRIED BECAUSE ECONOMIC IMPLICATIONS FOR EVERYBODY ARE VERY, VERY BAD.
KIM ON BREXIT:
SO BREXIT, REMEMBER THEY HAVEN'T BEGUN NEGOTIATING YET. AND SO AFTER BREXIT MARK CARNEY, GOOD FRIEND OF MINE -- HEAD OF BANK OF ENGLAND, WAS BRILLIANT. I MEAN, HE WAS BRILLIANT DURING THE 2008 CRISIS WHEN HE WAS HEAD OF THE CENTRAL BANK OF CANADA. ONCE AGAIN HE WAS BRILLIANT. AND I THINK A LOT OF THE MODERATION AND THE IMPACT WAS BECAUSE MARK WAS PREPARED AND HE GOT ALL THE OTHER BANKS IN THE UK TO BE PREPARED AS WELL. THEY REALLY INCREASED THEIR LIQUIDITY BEFORE THE VOTE. SO THEY WERE PREPARED. SO I THINK YOU'RE SEEING A LULL IN THE ACTION. BUT ONCE THE NEGOTIATION STARTS, THEN WE'LL SEE WHAT THE REAL IMPACT IS. I WOULD SAY THAT WE STILL DON'T KNOW WHAT THE IMPACT OF BREXIT WILL BE.
KIM ON REFUGEE CRISIS:
THERE ARE GLOBAL AGREEMENTS AND COUNTRIES ALL HAVE SIGNED ON TO THESE GLOBAL AGREEMENTS THAT IF ANOTHER COUNTRY IS IN TROUBLE AND THERE'S SO MUCH TURMOIL THAT REFUGEES LEAVE, COUNTRIES ACCORDING TO U.N. CHARTERS HAVE A RESPONSIBILITY TO ACCEPT AND TAKE CARE OF REFUGEES. WHAT WE'RE SEEING IS THE ECONOMIC IMPACT, THE DISRUPTION IN THE SOCIAL LIFE ARE SUCH THAT WHAT WE'RE TRYING TO DO IS TO SAY, ALL RIGHT, WE'LL TRY TO HELP THE COUNTRIES WHO'VE BEEN THE MOST GENEROUS AT RECEIVING REFUGEES, JORDAN AND LEBANON. WE'RE NOW EVEN THOUGH THEY'RE HIGH MIDDLE INCOME COUNTRIES, WE'RE PROVIDING THEM WITH VERY LOW INTEREST LOANS BECAUSE OF THE CONTRIBUTIONS THEY'VE MADE TO THE WORLD.
KIM ON DRUGS:
FOR THINGS LIKE ANTIBIOTICS, YOU KNOW, THE SECOND, THIRD, FOURTH, FIFTH GENERATION ANTIBIOTICS, WE'RE IN BIG TROUBLE IN TERMS OF RESISTANCE BECAUSE THERE'S NO MARKET INCENTIVE TO MAKE THOSE KINDS OF DRUGS. I THINK WE HAVE TO RETHINK FUNDAMENTALLY HOW THE MARKET WORKS, WHAT THE INCENTIVES ARE, WHAT KIND OF REGIME WE WANT. WE HAVE TO PROVIDE INCENTIVES TO COMPANIES SO THEY'LL MAKE NEW DRUGS, BUT WE ALSO HAVE TO PROVIDE INCENTIVES FOR DRUG COMPANIES TO MAKE THE DRUGS THAT MAY NOT BE SO PROFITABLE BUT REALLY IMPORTANT FOR THE WORLD.
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