one of the few international institutions that have survived the reign of the Donald Trump so far undamaged, is one of the world Bank , whose Headquarters is located not five minutes ‘ walk away from the White house on Washington’s Pennsylvania Avenue. But with the rest it’s over now, because the US President has nominated as the successor of the former German States Jim Yong Kim on Wednesday, David Malpass. The 62-Year-old is currently the Secretary of state and a critic of the world Bank.

Malpass has criticized the world Bank as a “grip” and their method as a “run-in”. Generally speaking, multilateralism, i.e. the shift of national competences to international organisations go, “much too far”.

Malpass is also one of those top officials of the government that Trump want to stop the rise of China as a global super power to use tariffs and other sanctions. The world Bank accused the trained as a physicist and Economist in this context, to lend too much money to emerging countries such as Brazil or the people’s Republic, which needed no development. “It doesn’t make sense for the US to borrow or provide a guarantee, which is then awarded to China – a country that other resources and access to the capital markets,” said Malpass the end of 2017. The Secretary of state in the Ministry of Finance for the area of International jurisdiction, belonged previously to the government team that is fighting with China for more than a year on tariffs.

economic forecasts repeatedly strongly located next to it

The world Bank, the 189 States are party, provides loans to countries which cannot afford high investments in infrastructure and social protection. Alone, 2018, the sum of the new loan amounted to the equivalent of over 60 billion Swiss francs. In theory, each member country can nominate a candidate, but de facto it is an agreement between the US and the EU: Always an American leads the world Bank and a European the International monetary Fund.

Prior to his career in the U.S. government Malpass worked in various banks. At the time he was thus that he spoke of the risks in the real estate market for a long time small, and with economic forecasts repeatedly strong danebenlag. Critics, he is regarded as the epitome of an Economist who does not judge the software on an economic but on a party political Basis. In may 2016, he joined as economic adviser to the campaign team of former presidential candidate Trump. Since then, the two are tied closely together.

After his nomination the criticism of development aid groups will be echoed back to him. You mind that he wants to deal with the world Bank increasingly to the promotion of economic growth in poor countries – and thus to business opportunities for US companies. “David Malpass is a Trump-Faithful, the many economic art of mistakes,” said Justin San-defur from the center for global development the “Wall Street Journal”. The question is now, whether it’s the rest of the member States of the world Bank permit, “that Trump undermines a key international institution”.

(editing Tamedia)

Created: 07.02.2019, 21:47 PM