Appointed Trump Economic Advisor to the World Bank

From next week, this American who knew how to be adviser of the American president during the campaign which led him to the White House, will be the new owner of the World Bank for the next five years.

Malpbad, 63, has become a controversial figure after criticizing in 2017 international institutions that he described as wasteful, "inefficient" and "often corrupt in their credit practices". He also complained about the funding received from countries such as China and other relatively wealthy countries.

In the last time, he softened his message by saying that he is committed to the bank's mission of eradicating extreme poverty and that the reforms introduced last year correct many of the criticisms that he had formulated.

Malpbad was the only candidate to attend the elections after the surprise resignation of his compatriot Jim Yong Kim, whose candidacy had been promoted by former US President Barack Obama.

The Washington-based presidency of the World Bank is usually attributed to an American, in accordance with a tacit agreement by which, in turn, the management of the IMF is usually entrusted to a European.

The economist had a long career in the Treasury Department under the presidencies of Ronald Reagan (1981-1989) and George H.W Bush (1989-1993), but he also worked in the private sector.

For 15 years, he worked for the investment bank Bear Stearns and was for six years the chief economist of the entity, disappeared in the crisis of "subprime". After the bankruptcy of the entity during the 2008 crisis, Malpbad created its own consulting firm, Global Over.

"In these positions, he focused on various economic, fiscal and foreign policy issues and on US participation in multilateral institutions, including the World Bank," the bank said in a statement.