A sharp critic of the world Bank, is your new President. The previous Secretary of state at the U.S. Department of the Treasury and Confidant of President Donald Trump, David Malpass, was on Friday the 13th. The head of the Institution selected. He will assume his office in accordance with the "open and transparent" Nomination next Tuesday, said the world Bank. Malpass was the only candidate for the Post
The Trump-Familiar was previously noticed, especially as a critic of the Institution that he is supposed to lead in the future. The world Bank and the IMF were "a lot of money", but "not very efficient", said the former Wall Street Economist, in the year of 2017, before the US Congress. The Lending practices of these institutions was "often corrupt."
in Addition, he had demanded that countries such as China, "re-classify" and to give them less credit. In his view, the people's Republic comes to the markets, to have enough money.
In the last time, he had to beat, however, milder tones. He felt the task of the world Bank, the obligation to combat poverty in the world. In addition, reforms at the Institution had taken up many of his points of criticism.
Malpass, who is in the US Treasury responsible for international Affairs, had been established in the past 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.
The real estate bubble, he's no great significance to
The 63-Year-old from Michigan had held under previous Republican presidents Ronald Reagan and George H. W. Bush in various positions in the Ministry of Finance. From 1993, he worked at the investment Bank Bear Stearns until the Bank collapsed at the beginning of the global financial crisis in 2008.
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".
critics accuse him of, he got to see the global financial crisis. You talk to him the necessary qualification for the top post at the world Bank.
Since the founding of the USA, the world Bank chief
the US is The largest contributor to the world Bank, and since the establishment of the financial institution at the end of the Second world war, consistently President. The IMF, however, was continued, so far of Europeans - currently the Frenchwoman Christine Lagarde.More about
David Malpass, A world Bank-candidate Trumps tasteJuliane Schäuble
The top post at the world Bank was surprisingly become vacant after the previous incumbent, Jim Yong Kim was in the middle resigned in his second term, surprisingly. The core task of the five sub-organizations existing world Bank group is to fight poverty in the world and to improve the living conditions of people in developing countries. (AFP)