The World Bank’s new boss will struggle to impose himself

WHEN HE WAS nominated to lead the World Bank by President Donald Trump, David Malpass, a former Treasury official, faced no rival for the position. He was approved unanimously by the bank’s board, which represents its 189 member governments, and began work promptly this week. The process could not have been easier. But stiffer resistance lies ahead. Chances are that nothing in the job will become him like the entering it.

The institution he now leads is dedicated to eradicating poverty and fighting inequality. By its estimates, 10% of the world’s population (736m people) lived below the global poverty line in 2015 and perhaps 8.6% did in 2018. It aims to lower that share to 3% by 2030.

Because poverty is falling quickly in India and Bangladesh, most of the people living so uncomfortably now reside in sub-Saharan Africa, especially Nigeria and the Democratic Republic of Congo. They are harder to reach, concentrated in “fragile” regions, afflicted by violence. They would benefit greatly from sound economic policies and rapid GDP growth. But in these settings, the bank cannot always count on governments using its money and advice well. It therefore tends to back tightly monitored projects that benefit the poor directly. A big initiative in Congo, for example, helps women giving birth and vaccinates children against...

via The Economist: Finance and economics Business Feeds

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