by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Donald Trump’s pick for World Bank president, David Malpass, has officially been approved for the role.
Mr Malpass, a Trump loyalist, was a senior economic adviser to the US president during his 2016 election campaign.
His appointment has stirred debate, as some worry that Mr Malpass, a critic of the bank, will seek to reduce its role.
In February White House officials said Mr Malpass, a long-time Republican, would be a “pro-growth reformer”.
Mr Malpass said he was “honoured” by the appointment.
“Our twin goals of eliminating extreme poverty and achieving shared prosperity are more relevant than ever,” he said.
The former Bear Sterns economist has criticised the World Bank in the past, along with other multilateral institutions such as the International Monetary Fund (IMF), for being “intrusive” and “entrenched.” …
… [H]e’s been an outspoken critic of the institution he’s about to lead.
In the past, he’s described the World Bank as too big. He’s said he’d like to lend less to middle income countries like China, which he argues are financially strong enough. And he has challenged the global order.
Speaking at an event at the Council on Foreign Relations back in 2017 he said:
“Multilateralism has gone substantially too far – to the point where it is hurting US and global growth”.
But while past statements offer a glimpse of some of his thinking, they don’t tell the full story.
When his predecessor Jim Kim asked shareholders for more money, it was David Malpass who – in exchange for reforms at the bank – helped make it happen.