The world’s poorest nations and impoverished women stand to benefit from US President Donald Trump’s choice in leading the World Bank. Major developing nations, including India and China, stand to lose.
Trump has introduced David Malpass, a Treasury official, as the ‘right person to take on this incredibly important job’.
Malpass, who currently works as Trump’s undersecretary for international affairs at the Treasury Department, has been a sharp critic of the 189-nation World Bank, and its sister lending organisation, the International Monetary Fund, for many years leading up to the nomination.
Women’s status a priority
So, it has taken him no time to broadcast his plans for his election to the role and point out the holes in the operations that existed before.
‘A key goal will be to ensure that women achieve full participation in developing economies,’ Malpass said.
‘I know Ivanka has been a strong leader on women’s economic empowerment, and I look forward to continuing our work together on her women’s global development and prosperity initiative.’
According to AP, not only has he vowed to advocate for women, but he is aiming to turn attention away from the bank’s own expansion goals, and place focus back into one of their core missions — fighting world poverty.
In gaining advocacy for his election, Malpass drew attention to his service to the Reagan administration, where he aimed to reform both institutions.
He also pointed toward the work he had done in Trump’s office, gaining approval for a capital increase of US$13 billion (AU$18 billion) — the first increase in eight years, which included various lending reforms.
No more for India and China
And this capital is planning to be used, under his watchful eye, to implement restrictions on lending to major developing nations, such as India and China, in the belief that the money should be sent to poorer, struggling countries.
Remaining civil, he told reporters he was looking forward to negotiating with China what the rate of their loan slowdowns should be.
Their response is yet unknown. However, the US nomination for Malpass will be put forward to the bank’s board of directors on Thursday.
And while he is unsure which other countries will be putting through their own nominations, Malpass will be touring around the world during the next several weeks in order to promote his candidacy.
If accepted, he will be succeeding Jim Yong Kim, who left the post in January, three years before his term had ended.
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