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Ivanka Trump could lead World Bank. How will this affect global economy?

Author : 112.ua News Agency

Source : 112 Ukraine

The first daughter of the U.S. has already been a model, a developer, an adviser to the president, and now could become the president of the World Bank
21:38, 15 January 2019

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On Monday, January 14, the Financial Times reported that Ivanka Trump - the daughter of U.S. President, could become the head of the World Bank: its current president Jim Yong Kim resigned. The news shook not only the American media, because the Bank’s activities extend far beyond the borders of the States. We figured out what kind of person Ivanka Trump was and why the presidency of the World Bank is so important both for the USA and for the rest of the world.

Ivanka Trump

A millionaire's daughter. And what is she without this status? She is economist, model, top manager, developer, writer, business woman, presidential adviser.

Ivanka Trump was born in 1981 in the family of millionaire Donald Trump and his first wife Ivana, after whom she was named. Ivanka has two brothers - older and younger one. Despite this, she is considered the favorite child in the family: the children themselves and their father told about it. Moreover, one day Donald Trump even stated that he would have date with Ivanka if she had not been his daughter. She received an economic education at the University of Pennsylvania, which is part of the elite Ivy League and which she graduated with honors.

Ivanka Trump began her career as a model: she appeared in an advertisement for Tommy Hilfiger, and was a model at Versace, Thierry Mugler and Marc Bouwer shows. In May 1997, she appeared on the cover of Seventeen magazine. After that we saw her on Harper's Bazaar, Forbes Life and even Vogue.

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Surprisingly, modeling bored Trump very quickly, and she abandoned it in favor of the business, which surprised the public a lot. The daughter of a millionaire and girlfriend of Paris Hilton suddenly chose intellectual society of Chelsea Clinton and an office in the Trump Tower.

Simultaneously with the fashion magazines, Ivanka entered the top echelon of Forrest City managers, a company that was engaged in real estate. After that, she managed to work at Dynamic Diamond Corp selling diamonds, which prompted her to create her own jewelry manufacturing company. She named her brainchild after herself, as is customary in the Trump family, - "Ivanka Trump Collection".

Over time, Trump increasingly strengthened her position as a competent manager and a business woman. When the publishers turned to her with a proposal to write a book, Ivanka refused at first, but still allowed herself to be persuaded, and in 2009 the book "Trump card: secrets of Ivanka Trump's success" was published, and very soon it became a bestseller. In the same year Trump married millionaire Jared Kushner, a media mogul and son of a multi-billionaire. For this, Ivanka converted to Judaism and took the Hebrew name "Yael".

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“For me, it was the right life choice. I need traditions. I understand that it creates an interesting combination with how I was raised. But, in my opinion, Judaism lays serious foundations for family ties,” Ivanka herself said.

According to her, she and her husband observe customs, not hysterically, but more zealously than many in New York: they do not eat meat except kosher, they strictly follow Shabbat. Trump - Kushner family turns off the phones on Friday night and spends this time with the children - daughter Arabella and sons Joseph and Theodore. According to her husband, Ivanka in general is very much involved in children issues, devoting them the maximum possible amount of time. In addition, she believes that the choice of her husband is a very important part of her life and without him she would not have been able to achieve what she now has.

"There are not so many important things in life, but the choice of a husband or wife is all. I do a thousand things in a minute, and he does too, but in reality it doesn’t mean anything. If there was no person who cares about me for whom my interests are most important, I wouldn’t have any good from me in business. He doesn’t say that he likes how and where I work, but he supports me. Without this, I am nobody ", she says.

But when it comes to work, Trump is no longer soft and excited. During the preparations for the presidential elections in 2017, Ivanka Trump actually assumed the role of the future first lady. She often spoke to the electorate, actively campaigned for Donald Trump, deftly smoothed out her father’s harsh statements and gently stopped the scandals that continually flared up around him. Nevertheless, Ivanka did not claim to be the first lady, who might not be the president’s wife in the United States, and said that there was only one first lady, and that was Melania.

After Donald Trump won the elections, Ivanka closed her business and moved to Washington more readily than the spouse of the American president. The Trump-Kushner family bought a mansion in the prestigious Kalorama district and settled there. Ivanka's husband Jared Kushner became a senior adviser to the president of the United States. Ivanka herself was also appointed adviser to Trump, and her appointment did not pass without scandal. Initially, she had to perform her duties without any official position in order to stop questions about conflicts of interest and nepotism, because the White House has a law according to which federal civil servants cannot employ relatives. But the "unofficial" post exempted Ivanka from observing certain rules that officials are required to follow. Then she became an official civil servant, but on a free basis.

The influence of Ivanka Trump on U.S. policy

Besides the fact that Ivanka has become the “eyes and ears” of her father and deals with a large variety of issues - from the protection of female labor to the protection of data, she also greatly influences her father.

The Independent reports that the President of the United States decided to strike a blow at Syria not without conviction from his daughter. The dismissal of the chief of staff of the White House, John Kelly, also did not happen without her participation. Prior to this, Ivanka dissuaded her father from canceling the program to protect the LGBT community.

In an interview with the ABC Ivanka admitted that she was trying to temper Donald Trump's activity on social networks, especially on Twitter, where the president speaks sharply about the political decisions of his opponents and other countries. Ivanka said that from time to time she manages to “reassure” her father.

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In addition, Ivanka Trump often represents her father in negotiations and participates in international summits. She participated in Trump's meeting with Canadian Prime Minister Justin Trudeau, led the American delegation in India, took the place of her father at the G20 meeting and received an invitation from Angela Merkel to the G20 summit.

On Monday, January 14, the Financial Times, citing its sources, stated that Ivanka Trump could lead the World Bank. There are other candidates on the list, such as ex-US Permanent Representative to the UN, Nikki Haley, and US Secretary of State for International Affairs David Malpas. Nevertheless, the candidacy of Trump will be the most preferable to the President of the United States, especially given Trump’s past attacks on the World Bank. Previously, he even attempted to change the head, but he failed. Now the preident of the World Bank, Jim Yong Kim, has decided to resign and leave the post on February 1.

The World Bank

The World Bank is an international financial organization that was established in 1945 to organize financial and technical assistance to developing countries. Currently, the World Bank unites two organizations: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The World Bank Group also includes the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Center for the Settlement of Investment Disputes.

Together with the International Monetary Fund these companies are large financial organizations that were created following the results of the UN Monetary and Financial Conference held in 1944.

The World Bank seeks to address global human development challenges by lending to middle-income countries at interest rates that correspond to the market level of these countries. Such lending deals with the IBRD. Low-income countries are credited by the International Development Association at minimum interest rates or no interest at all.

The main profit of the IBRD comes from its own capital consisting of reserves accumulated over many years from 188 member states of the Bank. It receives a small profit from lending.

The IDA which is world's largest source of financing for the poorest countries is replenished every three years with the help of 40 donor countries and as countries repay loans.

The World Bank provides investment loans, development loans and grants.

Investment loans are aimed at financing the production of goods and services in the framework of socio-economic development. Development loans are provided to support political and institutional reforms. Grants help to develop projects that have an impact on global development, for example, combating the HIV pandemic or creating incentives to reduce greenhouse gas emissions.

The position of the World Bank President is traditionally held by a US citizen, while the International Monetary Fund is headed by a European. The President of the World Bank heads the Board of Directors, formed by five executive directors who represent the interests of the states with the largest equity stakes. The top five are the United Kingdom, Germany, USA, France and Japan. The President chairs the meetings of the Council and is responsible for the overall management of the Bank’s activities.

Ivanka Trump and the World Bank

The priority in appointing heads of the World Bank belongs to the United States. Despite the existing dissatisfaction with the procedure, leaders of other countries with votes in the Bank often support the candidacy of the United States.

The appointment of the close relative plays in the hands of Donald Trump. First, he can cut funding, or even close a large-scale program to combat climate change. Trump has already withdrawn the United States from the Paris Climate Agreement and is not particularly keen on protecting the planet from global warming. Secondly, against the background of the trade war with China, the lever of the World Bank will not be superfluous. The IBRD continues to credit China as an underdeveloped country, although its economy is second in the world. The mere threat of termination of lending can significantly strengthen the position of the United States.

Whom to entrust such an important post, if not his beloved daughter, a competent economist and an experienced top manager? Nikki Haley, who left the post of US Permanent Representative to the United Nations because of a spoiled relationship with the US President? Trump was unable to negotiate with Haley while she was the permanent representative. So does he need these difficulties with the President of the World Bank? Two other candidates, US Under Secretary of State for International Affairs David Malpass and the head of the United States Agency for International Development Mark Green get along much better with Trump, but can they compete with Ivanka Trump? Most likely, everything will depend solely on her own decision.

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The decision has not yet been officially made, but high-ranking Americans have already rushed to criticize the very possibility of appointing Ivanka to the office of President of the World Bank.

  Tom Steyer, a millionaire supporting the U.S. Democratic Partyand funding the campaign to bring Donald Trump to justice, said on his Twitter:

"This is one of the most ridiculous proposals I have ever heard. Nepotism is just another form of corruption, so I'm not surprised, but the level of absurdity is breathtaking."

Member of the United States Congress of California Ted Lieu also joined the criticism.

“Of all the people in the United States who could become the president of the World Bank, Ivanka Trump is the most qualified, having lost her fashion line and happens to be the daughter of @POTUS (the official account of US President Donald Trump - ed.). I see,” he said sarcastically.

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