The New President Of The World Bank Takes Over

[yota691]

The President of the World Bank suddenly steps down from his post.. Is the decision linked to the White House?

2023.02.16 - 11:21

 

Baghdad - people   

David Malpass, President of the World Bank, intends to step down early from his post, in a decision described within the bank's corridors as "surprising", while reports indicate that the decision is somehow linked to the White House.  

  

 

  

According to long-standing practice, the US government chooses the head of the World Bank, while European leaders choose the head of the International Monetary Fund.  

  

Donald Trump appointed Malpass to the position while he was president of the United States.  

  

But the man was criticized by the White House, which is currently ruled by Joe Biden, because of his lack of clarity in his position on the scientific consensus on global warming.  

  

Climate and the White House  

The United Nations, world leaders and environmental groups have been pressing for more than two years to shake up the World Bank's leadership, paving the way for a new president who reforms the bank's work to be more responsive to climate change.  

  

The pressure on Malpass was renewed in September when the World Bank chief stumbled while answering a question about whether he believed in the scientific consensus on climate change, drawing condemnation from the White House.  

  

Malpass has faced accusations from former US Vice President Al Gore of questioning the climate issue and refraining from promoting funding for climate projects in developing countries.  

  

During an interview organized by The New York Times the next day, David Malpass refused three times to confirm whether he acknowledged the role of fossil fuels in global warming. "I'm not a scientist," he eventually said under public pressure.  

  

Recently, US Treasury Secretary Janet Yellen began taking aggressive action to reform the way the World Bank operates to ensure more lending to combat climate change and other global challenges.  

  

Sudden resignation  

David Malpass, 66, said on Wednesday he will leave his post by the end of June.  

  

Malpass has less than a year left until the end of his five-year term.  

  

Malpass assumed the presidency of the World Bank in April 2019, after serving as Undersecretary of the US Treasury for International Affairs in the Trump administration.  

  

Malpass did not specify the reason that prompted him to take this step, saying in a statement, "After much consideration, I decided to take on new challenges."  

  

Malpass said in a statement that the group "is fundamentally sound, financially viable and well-positioned to increase its impact on development in the face of pressing global crises," stressing that his resignation is "an opportunity for a smooth transition of leadership."   

  

Bank sources said they were surprised by the decision to step down ahead of joint meetings of the World Bank and International Monetary Fund in Morocco in October.  

  

Thank you, Malpas.  

U.S. Treasury Secretary Janet Yellen thanked Malpass for his time as head of the Bank, saying the world had benefited from its strong support for Ukraine, its tireless work to help the Afghan people, and its commitment to helping low-income countries achieve debt sustainability through debt reduction.  

  

Yellen said the United States would soon announce its nominee to succeed Malpass and looked forward to a "transparent, merit-based and expedited nomination process for the selection of the next president of the World Bank" by the bank's board.  

  

Last year, the World Bank allocated more than $104 billion to set up projects worldwide, according to the bank's annual report.  

  

A source familiar with the matter told Reuters that the end of the fiscal year was a normal time to leave the post.  

  

World Bank governors are expected to adopt a reform roadmap for the bank, with minor tweaks, at the spring meetings of the International Monetary Fund and World Bank in mid-April.  

  

The World Bank was established in 1944 and supports development projects.  

  

It currently has 189 member states and more than ten thousand employees worldwide.  

[Bama Girl]

On 2/16/2023 at 7:26 AM, yota691 said:

But the man was criticized by the White House, which is currently ruled by Joe Biden, because of his lack of clarity in his position on the scientific consensus on global warming.  

So, it’s not about capability, it’s about political persuasion. Climate Change, as believed by some, is no more than a gateway to world socialism imho. 

[Half Crazy Runner]

25 minutes ago, Bama Girl said:

So, it’s not about capability, it’s about political persuasion. Climate Change, as believed by some, is no more than a gateway to world socialism imho. 

Exactly. Why would a World Bank President even need a position on climate? 

[screwball]

No talk on the back channels…will let you know if there is 

[screwball]

14 hours ago, Bama Girl said:

So, it’s not about capability, it’s about political persuasion. Climate Change, as believed by some, is no more than a gateway to world socialism imho. 

Correct pushed by the NWO, UN and WEF

[screwball]

Nikki Haley graduate of WEF…young leader 

[yota691]

The first American of Indian descent to be nominated for the presidency of the World Bank

• Time: 02/24/2023 08:15:29
•  
• Read: 1,040 times

  

{International: Al Furat News} The United States of America nominated Ajay Banga, the former CEO of MasterCard, to lead the World Bank, according to what US President Joe Biden said, Thursday, referring to Banga's experience that is very important to deal with many global challenges, including climate change. .

News of Banga's candidacy came after David Malpass, former US President Donald Trump's nominee, announced plans to step down next June from his position at the helm of the bank, which works to reduce poverty and covers 189 countries. His five-year term was due to end in April 2024.

Addressing the effects of climate change in the corridors of the Multilateral Bank is a priority for the United States, and prominent climate figures have urged the Biden administration to seize Malpass' early departure as an opportunity to reform the influential financial institution that has come under increasing criticism as hostile to less affluent countries and to efforts to address climate change, according to the agency. Associated Press.

Malpass faced criticism last year for appearing in comments at a conference to cast doubt on scientific knowledge that burning fossil fuels causes global warming. Malpass later apologised, saying he mispronounced it, noting that the bank relies periodically on climate science, according to the agency.

It should be noted that Banga, who currently holds the position of Vice Chairman of the Board of Directors in the private equity company General Atlantic, has more than 30 years of business experience, as he held various positions in MasterCard, the boards of directors of the American Red Cross, Dow Corporation and Kraft Foods, and adds Associated Press that he, the first Indian-born American to be nominated for the post of President of the World Bank Group.

"Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said, adding that Banga "has invaluable experience mobilizing public and private resources to address the most pressing challenges of our time, including climate change."

It is noteworthy that in mid-February, Malpass said he would leave his position by the end of June, after months of being criticized by the White House for not being clear about his position on the scientific consensus on global warming, according to Reuters.

Malpass will step down as chairman of the Multilateral Development Bank, which provides billions of dollars annually in financing to developing economies. Malpass has less than a year left until the end of his five-year term, according to the agency.

Malpass did not specify the reason that prompted him to take this step, saying in a statement, "After much consideration, I decided to take on new challenges." Then US Treasury Secretary Janet Yellen thanked Malpass for his time as head of the Bank, saying, "The world has benefited from his strong support for Ukraine in the face of Russia's illegal and unjustified invasion, his tireless work to help the Afghan people, and his commitment to helping low-income countries achieve debt sustainability." by reducing it.

At the time, Yellen said the United States would soon announce its nominee to succeed Malpass and looked forward to a "transparent, merit-based and expedited nomination process for the selection of the next president of the World Bank" by the bank's board of directors.

As has long been the practice, the US government chooses the head of the World Bank, while European leaders choose the head of the International Monetary Fund.

Malpass assumed the presidency of the World Bank in April 2019, after serving as Undersecretary of the US Treasury for International Affairs in the Trump administration.

Last year, the World Bank allocated more than $104 billion to set up projects worldwide, according to the bank's annual report.

The United Nations, world leaders and environmental groups have been pressing for more than two years to change the leadership of the World Bank to pave the way for choosing a new president who reforms the bank's course of action to be more responsive to the issue of climate change, according to Reuters.

[yota691]

Former "MasterCard" president.. Who is the candidate for the presidency of the World Bank?

l 5 hours ago

Sky News Arabia - Abu Dhabi

 

 

Ajay Banga

The United States nominated Ajay Banga, former CEO of MasterCard, to head the World Bank, after the door for nominations opened Thursday.

Ajay Banga, 63, is the first American of Indian descent to be nominated for this important international position, and he is a senior official in the US private equity fund "General Atlantic" and the holding company "Exor Holdings".

The mechanism for appointing a new World Bank president began, Thursday, a week after the announcement of the resignation of current President David Malpas , a year before the end of his term, who had been appointed under former US President Donald Trump.

Malpass did not explain the reasons for his resignation, which will take effect on June 30, but he has faced criticism for his inaction on climate change .

Under an unwritten understanding, an American will assume the presidency of the World Bank , and a European will run the International Monetary Fund .

 

 

 

The White House said in a statement that Ajay Banga "has the expertise necessary to mobilize both private and public resources to address the most pressing challenges of our time, including global warming."

The statement quoted President Joe Biden as saying, "Ajay has all the qualifications to lead the World Bank at this critical stage in its history. He has spent more than three decades building and managing global companies."

Ajay Banga was born and raised in India, where he completed his studies and then began working in the food industries companies Nestle and then PepsiCo in the late twentieth century, before moving to the financial sector, developing especially the micro-loan strategy pursued by the American bank Citigroup between 2005 and 2009.

He joined MasterCard in 2009 as Director of Operations and then, a year later, General Manager, to the position of Chairman of the Board in 2021.

Treasury Secretary Janet Yellen, in a separate statement, commended "President Biden's decision."

"(Panga's) efforts have allowed the 500 million unbanked people to access the digital economy and drive private investment into solutions to combat climate warming and increase economic opportunity through the Partnership for Central America," she said.

[yota691]

Biden nominates Ajay Banga, former president of MasterCard, to head the World Bank

Ajay Banga

Arab and international
   

US President Joe Biden nominated Ajay Banga, former CEO of MasterCard electronic payment systems, to head the World Bank to succeed current President David Malpas.

In a statement from the White House, Biden said Panga is "uniquely qualified to lead the World Bank at this critical moment in history." Banga, an American of Indian descent, is currently serving as Vice Chairman of the Board of Directors of the private financial investment company, General Atlantic.

 

It is noteworthy that it has been customary to appoint an American person to the position of president of the World Bank, while the head of the International Monetary Fund is a European person.

 

Although the United States is the largest contributor to the World Bank, it still needs the support of other member states to confirm the appointment of the new president.

 

Biden said Banga "has a unique vision" of the opportunities and challenges of developing and emerging countries, and of how the World Bank can implement its ambitious agenda.

To reduce poverty and increase prosperity in the world. He added that Banga has experience in mobilizing the necessary financing to deal with the most pressing challenges, including the climate change crisis. This comes as World Bank President David Malpass announced last week his sudden resignation from his post. He is due to leave the bank by the end of June. The resignation comes nearly a year before the end of Malpas' term, who has faced sharp criticism over his comments on the climate change crisis.

 

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Views 148

Added 02/24/2023 - 11:58 AM

Updated 2023/02/24 - 5:12 PM

[yota691]

The World Bank promises facilitation in structuring the debts of troubled economies

• Time: 02/25/2023 12:39:49
•  
• Read: 650 times

  

{Economic: Al Furat News} The President of the World Bank, David Malpass, said in a meeting with the International Monetary Fund, India, China and other creditor countries, on Saturday, that the World Bank “will provide the largest possible facilitation in dealing with debts” for troubled economies.

The remarks come amid calls from China, the world's largest bilateral creditor, for global lenders to reduce the value of loans granted to developing countries affected by the impact of the Russian-Ukrainian war and the COVID-19 pandemic.

Meanwhile, the United States has repeatedly criticized China for being "slow" in providing debt relief for dozens of low- and middle-income countries.

And in a meeting on global sovereign debt in the Indian city of Bengaluru on the sidelines of the meeting of the financial leaders of the Group of Twenty: "The World Bank is committed to providing positive net flows in a way that increases the facilitation of the restructuring process."

"We will provide as much facilitation as possible to deal with the debt," he added.

Malpass also said he noted the "constructive remarks" of the Chinese central bank's vice governor at the G20 meeting on Friday, which "gave room to move forward" in resolving debt issues.

Reuters reported earlier this month that India, the current chair of the G20, is drafting a proposal for G20 countries to help indebted countries by asking lenders for a steep discount on loans.

[yota691]

The New President Of The World Bank Takes Over

03/06/2023

2142

Earth News / Ajay Banga, the new president of the Indian-American International Bank, officially assumed his duties on Friday, succeeding David Malpas, who yesterday ended his term at the helm of this institution, according to close sources.

Banga was the only announced candidate, the former head of the payment systems group MasterCard, was elected without a surprise in early May.

If Ajay Banga is the second official of the World Bank not born in the United States after Jim Yong Kim, who was born in South Korea but grew up in Iowa, then he is the first who did not graduate from an American university after studying and starting his career in his native India.

This comes in the context of reforms to the institution, which announced last March an increase in its funding by five billion dollars annually over the next ten years.

The content of the reforms will be revealed during the next annual meeting of the World Bank and the International Monetary Fund in October in Marrakesh (Morocco).

The Foundation is expected to demonstrate its ability to enhance its efforts to help fund the fight against global warming. Some countries, especially the least developed countries, fear that this will be done at the expense of combating poverty.

In a message addressed to all employees, Banga affirmed his desire to “create a world without poverty on a livable planet,” considering that “the realization of these aspirations requires that we develop, be creative, use our resources to the maximum extent, and establish new partnerships with civil society.”

The new official also paid tribute to his predecessor, David Malpass, a “fierce defender of the World Bank,” thanks to whom he “made great progress in our missions.”

For his part, the latter wrote in a post on his personal page on LinkedIn on Thursday, summarizing his achievements and recalling in particular “the World Bank’s rapid response to a series of global crises with the allocation of $440 billion.”

"During my tenure, the World Bank doubled its funding to address global warming in developing countries by a record $32 billion," he said.

David Malpass confirmed that his assumption of the presidency of the World Bank was “a great honor” and thanked “its staff and the board of directors for working together.”

Although he is highly regarded internally, particularly by the Foundation's staff, David Malpass has not succeeded in silencing critical voices abroad, particularly regarding his lack of interest in climate issues.

The topic came back to the fore last September when a New York Times journalist asked him during an event about it, and Malpass refused to admit that human activities are the main cause of global warming.

He later confirmed this on several occasions, but this hesitation contributed to the consolidation of his image as a skeptic of the climate fluctuations put forward by former US Vice President Al Gore.

[ronscarpa]

He retracted his previous expectations.. The World Bank warns of "financial risks" hanging over the future

 

 

2023-06-06 // 09:13

 

Shafaq News / The World Bank raised its expectations for the growth of the global economy during the current year from 1.7% to 2.1%, compared to 3.1% achieved by the economy in 2021.

 

The bank had revised these expectations at its spring meetings to 2%, according to David Malpass, former president of the World Bank, according to Sky News Arabia.

 

The bank also revised its forecast for the global economy for the year 2024, to 2.4%, compared to its previous forecast last January, which was 2.7%.

 

The World Bank said in its latest report, "Global Economic Prospects", that global growth has witnessed a sharp slowdown, and that the risks of financial pressures in emerging market and developing economies are intensifying amid rising global interest rates.

 

developing economies

 

With regard to emerging market economies and developing economies other than China, the report expected their growth rate to slow to 2.9% this year, after recording a growth of 4.1% last year. This forecast reflects a broad decline.

 

Commenting on this, Ajay Banga, President of the World Bank Group, said, “The surest way to reduce poverty and spread prosperity is to raise employment rates, as slowing growth makes it more difficult to create jobs. An opportunity to turn things around, but we all need to work together to make it happen."

 

The bank believes that, so far, most emerging market economies and developing economies have witnessed only limited damage as a result of recent banking pressures in advanced economies, but the sails of these economies are currently sailing in dangerous waters, according to the bank's description.

 

The World Bank said that one out of every four emerging market and developing economies has actually lost access to international bond markets, in light of the increasing tightening of global credit conditions.

 

Unstable situation

 

These pressures are particularly severe for emerging market and developing economies, which suffer from underlying vulnerabilities such as low creditworthiness.

 

The bank stressed that the growth expectations for these economies for the year 2023 are less than half of what they were a year ago, which makes them very vulnerable to additional shocks.

 

Commenting on the report, Indremit Gill, Chief Economist and Senior Vice President of the World Bank Group, said, “The global economy is in a precarious position, and with the exception of East and South Asia, we still have a long way to go to reach the dynamism needed to eradicate poverty, address climate change, and restore Building human capital.

 

"Trade is expected to grow in 2023 at less than a third of its pace in the years before the pandemic. As for emerging market countries and developing economies, debt pressures are increasing due to high interest rates," he added.

 

“Fiscal vulnerabilities have already pushed many low-income countries into debt distress. At the same time, financing needs to achieve the SDGs far outpace even the most optimistic private investment projections,” he noted.

 

The World Bank confirmed that the overlapping shocks represented by the Corona pandemic, the Ukrainian crisis, and the sharp slowdown in light of the tightening in global financial conditions, all of these things have led to a long-term setback for development efforts in emerging market and developing economies, which is something that may continue in the foreseeable future. .

 

'blatant' economic damage

 

Therefore, the Bank expected that economic activity in these economies by the end of 2024 would be about 5% less than the expected levels prior to the outbreak of the pandemic.

 

In low-income countries, especially the poorest, the damage is "stark," the bank said. In more than a third of these countries, per capita income in 2024 will remain below 2019 levels.

 

And this weak pace of income growth is likely to widen extreme poverty in many low-income countries.

 

"Many developing economies are struggling to adapt to weak growth rates, persistently high inflation rates, and record levels of debt," said Ihan Kose, Deputy Chief Economist at the World Bank Group.

 

"However, new risks - such as the potential for spillover effects from renewed financial stress in advanced economies - could make matters worse for them. Policymakers in these economies must act quickly to prevent contagion of financial crises, and limit local vulnerabilities in the short term.

 

slight growth

 

As for the advanced economies, the report revised its expectations for these economies by slightly increasing to 0.7%, from 0.5%, according to last January’s estimates. It was 2.6%.

 

The bank also revised its forecast for the US economy up in 2023 to 1.1% from 0.5% in January, but it also cut its forecast for the world's largest economy in 2024 by half to 0.8% from 1.6%, primarily due to the continuing impact of the sharp rise. interest rates over the past year and a half.

 

In the euro area, expectations witnessed the same scenario, as the bank raised its expectations during 2023 to 0.4% after it had expected it to remain at 0% in January expectations, and it also lowered its expectations for 2024 to 1.3% from 1.6%, and the bank attributed this to the impact Late to tighten monetary policy and increase energy prices.

 

US interest rates

 

The report also provides an analysis of rising US interest rates and how they affect emerging market and developing economies.

 

According to the bank, most of the rise in yields on two-year Treasury bonds over the past year and a half was driven by investors' expectations of tight US monetary policy to control inflation.

 

According to the report, this particular type of interest rate increase is associated with negative financial impacts in emerging market and developing economies, including a higher likelihood of financial crises.

 

In addition, the Bank finds that these effects are more pronounced in countries with greater economic vulnerabilities.

 

high-risk economies

 

In particular, high-risk and new markets in dealing, and by which the bank means countries that possess less developed financial markets and have only limited access to global capital, these markets will usually witness greater increases in borrowing costs, for example, higher Sovereign risk margins in high-risk or new markets are more than three times higher than those of other emerging market and developing economies.

 

low-income economies

 

The World Bank believes that low-income economies are currently facing a dilemma, as high interest rates have exacerbated the deterioration of their public finances over the past decade.

 

The average public debt of these countries now stands at about 70% of their GDP, and debt interest payments eat up an increasing proportion of their limited government revenues.

 

The report revealed that there are 14 low-income countries that are already in debt distress, or are at high risk of falling into debt distress, and spending pressures have greatly increased in these economies.

 

Adverse shocks such as extreme weather events and conflict are more likely to leave families in low-income countries in financial hardship than anywhere else because of weak social safety nets in these countries.

 

On average, the Bank finds, these countries spend only 3% of their GDP on their neediest citizens, well below the average of 26% for developing economies.

 

https://shafaq.com/ar/اقتصـاد/تراجع-عن-توقعاته-السابقة-البنك-الدولي-يحذر-من-مخاطر-مالية-تخيم-على-المستقبل

[yota691]

World Bank: The global economy is in an unstable situation during 2023

2023.06.07 - 15:46

 

Baghdad - people   

The latest edition of the World Bank's "Global Economic Prospects" report said that global growth has slowed sharply, and that risks of financial stress in emerging market and developing economies are intensifying amid rising global interest rates.  

 

  

According to the report, which was published by the bank on its official website, and viewed by “NAS”, (June 7, 2023), that global growth is expected to slow from 3.1% in 2022 to 2.1% in 2023.  

  

With regard to emerging market economies and developing economies other than China, the report expected their growth rate to slow to 2.9% this year, after recording a growth of 4.1% last year.  

  

This forecast reflects a broad decline.  

  

Commenting on the report, Indremit Gill, Chief Economist and Senior Vice President of the World Bank Group, said: “The global economy is in a precarious position, and with the exception of East and South Asia, we still have a long way to go to reach the dynamism needed to eradicate poverty, address climate change, and restore Building human capital.  

  

Trade is expected to grow in 2023 at less than a third of its pace in the years before the pandemic. As for emerging market countries and developing economies, debt pressures are increasing due to high interest rates.  

  

Fiscal weaknesses have already pushed many low-income countries into debt distress. At the same time, the financing needs to achieve the Sustainable Development Goals far outpace even the most optimistic private investment expectations.”  

  

The report provided an analysis of rising US interest rates and how they affect emerging market and developing economies.  

  

Most of the rise in yields on two-year Treasury bonds over the past year and a half was driven by investors' expectations of tightening US monetary policy to control inflation.  

  

According to the report, this particular type of interest rate increase is associated with negative financial impacts in emerging market and developing economies, including a higher likelihood of financial crises.