April 14, 2021

David Malpass, Trump's preferred choice to chair the World Bank | Economy

David Malpass, Trump's preferred choice to chair the World Bank | Economy



President Donald Trump prepares to propose as president of the world Bank to David Malpass, senior official of the Treasury department and critical of the multinational institution, according to Politician and then published the main American media.

The formal announcement is scheduled for this Wednesday and, if confirmed, Malpass would need to be approved by the council of the 12 members of the World Bank, the largest multilateral entity providing financial and technical assistance to developing countries, although there is little doubt that profile as winner Those elected by the United States have ended – always and for seven decades – occupying the presidency of this body, while the Europeans have been left with power in the International Monetary Fund (IMF), the other great institution of the so-called Bretton system Woods, (emerged at the end of the Second World War to coordinate development policies).

The position of President of the World Bank is vacant after the unexpected resignation of Jim Yong Kim, who left office in the absence of three years by the end of his second term. Bulgarian Kristalina Georgieva, CEO of the institution, intervenes on an interim basis.

Malpass, 62, undersecretary of International Affairs at the Treasury Department, is a loyal Trump and has worked in the Republican administrations of Ronald Reagan and George W Bush. His nomination may raise controversy due to his critical comments in the past on multilateral institutions, in line with the skepticism expressed repeatedly by the president himself. Global organizations such as the World Bank, in Malpass' opinion, "have become larger and more intrusive" and "the challenge of refocusing them has become urgent and more difficult".

A critic with the institution

The deadline for nominations opens this Thursday and ends on March 14. The proposal of someone who has been so critical of the institution will feed, with all probability, the current of resistance, expressed in recent times by several countries, to that convention by which Washington appoints the president.

Malpass, who was economic advisor to the Trump campaign in 2016, has been the man to whom the president has entrusted the weight of trade negotiations with China. In 2017, he was very critical of World Bank loans to the Asian giant. The administration of Trump, according to The New York Times, I would have already felt the Malpass appointment with other partners of the World Bank, obtaining a positive response. He is presented as a constructive reformer, willing to work multilaterally.

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