David Malpass described the functioning of the world Bank once considered inefficient and wasteful. Malpass is in the US Treasury responsible for international Affairs and to the back according to the will of US President Donald Trump to the top exactly this Institution, which he criticized sharply.
Malpass belongs to since September 2017, the government of Trump and is this loyal. In January, he traveled as a member of the U.S. Delegation to China, in order to defuse the last few months raging and Trump always fuelled trade dispute with the people’s Republic, and to set the framework for the bilateral talks last week.
David Malpass is considered to be a single fighter
The 62-Year-old is considered to be a single fighter, it makes no beating around the Bush and openly says what he thinks. So he called in November of 2017, shortly after his admission to the US government, the lending practice of the world Bank and the International monetary Fund (IMF), in front of a congressional Committee as “the often corrupt”. International institutions were a “lot of money” and are “not very efficient”.
David Malpass, taken after he of US President, Trump held a press conference as the new President of the world Bank
©Evan Vucci / AP, DPA,
was proposed by The world Bank after its founding, shortly before the end of the Second world war the reconstruction of Europe. Today, the core task of the five organisations of the world Bank group, fighting poverty in the world and to improve the living conditions of people in developing countries.
Malpass strongly advocates a “Reform” of the world Bank and is, among other things, countries like China, “re-classify” and to give them less credit. Because, in his opinion, the people’s Republic comes to the markets, to have enough money.
From his Position in the Ministry of Finance, he was in the last year a reform package at the world Bank, the loans for countries with higher incomes, like China, is limited and expensive. At the end of the Malpass negotiations, a “historic” increase in the loan capital for the world Bank.
Post under Ronald Reagan and George H. W. Bush
The man from Michigan, studied Economics at the University of Georgetown in Washington, and had held under previous Republican presidents Ronald Reagan and George H. W. Bush already various Posts in the Ministry of Finance. From 1993, he worked at the investment Bank Bear Stearns, six years as chief economist, before the Bank collapsed at the beginning of the global financial crisis in 2008.
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Malpass founded his own economic analysis firm. However, his positions and predictions were already controversial. In the course of 2007 and thus in the midst of the real estate bubble wrote Malpass in a piece for the “Wall Street Journal”, “the real estate market and the debt play in the US economy are not so important”.
to see His critics for him to have failed, the global financial crisis has come before. You talk to him the necessary qualification for the top post at the world Bank. The Board of Directors of the world Bank accepts from Thursday until mid-March applications and wants to be the successor of the former Jim Yong Kim before the joint spring meeting with the IMF, which on 12. April begins, in Washington. All of the 189 world Bank-member countries can submit proposals.
At the head of the Institution is usually a U.S. citizen, while Europeans occupied the top post at the IMF. Emerging countries such as China, Russia, India or Brazil petition against this unwritten rule for quite some time. But a real revolt against the nomination of Malpass, experts do not expect. Trumps the desire candidate has the best cards to take on the leadership of the world Bank.
Virginie Montet / vit / AFP