USA – David Malpass as the new world Bank chief U.S. nominated for President Donald Trump has one of its government employees nominated as the new head of the world Bank. David Malpass is considered to be critics of multilateralism. © Photo: Jim Young/Reuters
US President Donald Trump has the Economists and Ex-investment banker David Malpass as a candidate for the top post at the world Bank, nominated. There could be “no better candidate” for the leadership of the world Bank, said Trump. Malpass was respected, “high” and “brilliant”. Malpass, considered a sharp critic of the Institution, announced that he wanted to “constructive reforms”.
To the beginning of the year, the former world Bank chief Jim Yong Kim announced surprisingly its resignation. The Board of Directors is yet to be determined before the spring meeting with the International monetary Fund (IMF) in April for a successor. All 189 of the world Bank-member countries can submit proposals. According to tradition, the United States, however, the head of the Institution, in return, Europe occupied the line of the IMF. Recently there had been Calls for a Reform of this regulation.
A key objective will be by him and US Secretary of the Treasury Steven Mnuchin mitverhandelten changes in the Bank, said Malpass. He had recently been involved in a Reform that includes, among other things, a capital increase of $ 13 billion. The Team Malpass was that the lending will be more tailored to very poor countries. Emerging countries such as China, to less benefit.
The IMF Malpass described as “corrupt”
Malpass is currently the state Secretary of the US Treasury. In 2017, he had criticized the world Bank before the U.S. Congress sharply. International institutions such as the world Bank and the International monetary Fund (IMF) would give a “lot of money”, but “not very efficient”. Their Lending practices “often corrupt.” They have created an environment in which “their own growth at the end is as important as the growth of their customers,” said Malpass, in a speech.
Already under President Ronald Reagan Malpass Secretary of state for Finance, under Reagan’s successor, George H. W. Bush, he was in the Ministry of foreign Affairs actively. Later, he joined as chief economist of the investment Bank Bear Stearns in the financial sector. The company had to be notverkauft as a result of the US banking crisis of 2008. Malpass was criticized at that time that he had estimated the real estate bubble in the USA is completely wrong.
five organizations with existing world Bank group supports projects to combat poverty and to improve living conditions in developing countries. Originally it was founded shortly before the end of the Second world war, to the reconstruction of Europe. Most recently, the Bank had submitted a plan of action in the amount of 200 billion dollars, the poor countries should assist in preparing for the impacts of climate change.
