World Bank

New World Bank boss David Malpass will work with China
David Malpass, the World Bank's new president, pledges to evolve its relationship with China.

Remittances to hit new record

migrant worker in UK agriculture

Money transfers to poor and developing countries - mostly from migrant workers sending part of their earnings home - are set to become the largest source of external financing for those nations this year, the World Bank says.

Quite a bit of that cash gets siphoned off by banks and money transfer operators though. Reducing those costs is a priority.

Migrant workers and others sent home an estimated $529bn to low- and middle-income countries last year, up 9.6% from the year before.

The figure is set to hit a record $550bn this year.

David Malpass writes to World Bank staff

David Malpass
CQ Roll Call / Getty Images

David Malpass, who has been officially appointed as World Bank president, has written a note to World Bank Group (WBG) staff.

In his letter, he thanks Kristalina Georgieva, who served as interim president for three months.

He also stresses the urgent need to help alleviate extreme poverty, which now affects over 700 million people in the world.

"We must work tirelessly to foster broad-based growth for each and every borrower, and a stronger, more stable global economy for all; and to provide WBG leadership on crisis preparedness, prevention and management, global public goods, and fragile and conflict-affected situations," he wrote.

He stressed that he is keen to meet with staff once he starts work at the World Bank next week.

More on David Malpass

David Malpass

More on David Malpass, who has been appointed as the next World Bank president.

Mr Malpass previously served as under secretary of the Treasury for International Affairs for the US. He represented the US at several international meetings, including the G7, the G20 and annual World Bank-IMF meetings.

He played a crucial role in the implementation of several major World Bank Group reforms and initiatives, such as the Debt Transparency Initiative, which increased public disclosure of debt.

Before joining the Treasury for International Affairs, Mr Malpass worked as an international economist and founded a macroeconomics research firm in New York.

Controversial Trump pick gets World Bank top job

David Malpass and US President Donald Trump
Getty Images

Donald Trump's pick for World Bank president, David Malpass, has officially been approved for the role.

Mr Malpass, a Trump loyalist, was a senior economic adviser to the US president during his 2016 election campaign.

His appointment has stirred debate, as some worry that Mr Malpass, a critic of the bank, will seek to reduce its role.

In February White House officials said Mr Malpass, a long-time Republican, would be a "pro-growth reformer".

Georgieva defends World Bank's strategy on poverty
The World Bank's interim president defends the organisation's approach to tackling poverty.