Nomination of President Biden The World Bank’s new president should encourage Republicans in the House of Representatives to hold hearings on both the institution and its sister agency, the International Monetary Fund (IMF).
This part of What’s Ahead explains why these institutions should be reconsidered for a better world. Their actions are often counterproductive.
The World Bank will focus on infrastructure projects such as highways. It strays into other areas, especially tackling futile climate change. Loans and grants are too often based on political nepotism, if not outright corruption.
The IMF portrays itself as a doctor to countries in economic trouble. But that prescription is usually counterproductive.
World Bank President David Malpass has been in office for four years, and despite entrenched bureaucracy and fierce opposition from climate militants, he has made many necessary changes. But Biden has revealed that Malpass’s successor will open the floodgates for an alternative energy boondoggle that will hit the developing world.
Congress needs to do a deep investigation into both agencies.