The new boss has been a stern critic
ON APRIL 5th the World Bank appointed a new boss: David Malpass, a former economic adviser to President Donald Trump and senior official in the Treasury Department. The bank, as always, accepted America’s nominee for its top post. And this time, it had no choice: the institution’s other members were not prepared to sponsor a rival candidate. In his previous role, Mr Malpass made it clear he is not a fan of everything the bank does.
Its stated mission is to fight poverty and inequality by offering money and advice to developing countries. It was conceived in 1944 at the same conference in Bretton Woods, New Hampshire, that invented the International Monetary Fund. Whereas the fund is supposed to tackle acute crises—currency misalignments, capital flight and sudden shortages of dollars—the bank is charged with tackling chronic long-run problems of deprivation and backwardness.
The IBRD is more controversial. Because it has the backing of the world’s governments, it can borrow money cheaply on the international financial markets. It then lends that money a little less cheaply to “middle-income” countries, including Brazil and China. The bank’s critics have pointed out that many of these governments can now borrow in abundance from foreign investors themselves, without the bank stepping in.
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