World Bank - anyone here?

[Anonymous]

Anonymous wrote:Would anyone even notice if the world bank disappeared? Except for the people who work there?

Yes, this is a massive mistake. Amazing how one administration can diminish US stature in the world so quickly.

[Anonymous]

Frankly, US has become a joke. The country that is powerful now is China. That is the new world power.

[Anonymous]

Anonymous wrote:I am at the IMF. If the US withdraws Japan will become the largest shareholder (absent e realignment) and that is where the institution is supposed to move based on the Artlcles of Agreement. There is some nervous laughter about the institution about the evaluation of US participation in all IOs but so far my impression is that people believe that Trump won’t go as far as to withdraw from the Bretton Woods institutions, but who knows. Implications for US staff are not clear. I am not sure the Articles cover that. But the institution would very likely have to size down without the US and that will affect hiring. I would expect the same decision for WB and IMF. Not clear why Trump would withdraw from one and not from the other. It would definitely be interesting if US withdrew and the impact on the DC economy and real estate would be significant if both institutions had to move at short notice.

But the US isn't scheduled to make a quota increase to the IMF this year. So there is no funding spigot to turn off at the IMF.

[Anonymous]

Anonymous wrote:Been pondering the same options as you OP (world Bank staff here). Project 2025 is a bit unclear between full withdrawal and saying the US needs to demand more US staff and influence the agenda more.

No way we will get out of this mostly unscathed as we did during the first trump administration. They have already officially called for review of US engagement in all MDBs. And with Vought now in charge of budget the project 2025 plans should be considered as default option.

A month ago I would have said withdrawal was too crazy to be considered by Trump. Now obviously I think it is a likely option (and in that case as you pointed out we will all have to move to another country, which will be a hit for the DMV). And I think, but not entirely sure, that us citizens will have to resign/ be let go as you can’t have staff from non-member countries.

My current bet is that they will threaten withdrawal and use that leverage to make outrageous demands on the 2 organizations in terms of agenda, alignement with US policies, staff cuts etc.. with a big emphasis on cutting off China and eliminating climate, gender and equity out of our vocabulary.

And under that second option I still think our jobs aren’t safe.

I also think they might not withdraw but will likely appoint some complete nutjobs as Executive Directors at both institutions and will actively undermine anything not aligned with the current US agenda. And yes, definitely forget about climate, gender etc. Discussing any quota increases or realignment is probably also pointless for the foreseeable future.

[Anonymous]

Without a World Bank, who will enrich the elites of Third World nations?

[Anonymous]

OP here.

To some who asked about their savings and WB pensions, I actually heared about some staff reaching out to contacts in WB Treasury for reassurance that their pension benefits are protected, so people are worried.

I do think that there is a lot that can be improved at the WB, but since the transition to the new retirement plan and salary structure I believe in 1998, benefits at the Bank, especially for US citizens who have to pay income tax are comparable to US gov, in fact they are lower. I think where the massive waste in terms of staff cost is with people who have been around for more than 20 years...of course I am not suggesting we pull the rug off under their feet what I am saying is that the Bank has trimmed down already what it offers in terms of benefits and salaries.

As a US citizen I get an allowance to pay US income tax - but what I get is not enough to pay for the taxes I owe, so what I end up taking home is less than my collegues with same exact position and level who are not US citizen. Since many of them do live here permanently, perhaps it would make sense to introduce US tax for them - I could see this being change coming our way. Not saying it is fair or not or good or bad, I dont have enough info to make that determination, but just saying how it might look from the outside.

[Anonymous]

Anonymous wrote:OP here.

To some who asked about their savings and WB pensions, I actually heared about some staff reaching out to contacts in WB Treasury for reassurance that their pension benefits are protected, so people are worried.

I do think that there is a lot that can be improved at the WB, but since the transition to the new retirement plan and salary structure I believe in 1998, benefits at the Bank, especially for US citizens who have to pay income tax are comparable to US gov, in fact they are lower. I think where the massive waste in terms of staff cost is with people who have been around for more than 20 years...of course I am not suggesting we pull the rug off under their feet what I am saying is that the Bank has trimmed down already what it offers in terms of benefits and salaries.

As a US citizen I get an allowance to pay US income tax - but what I get is not enough to pay for the taxes I owe, so what I end up taking home is less than my collegues with same exact position and level who are not US citizen. Since many of them do live here permanently, perhaps it would make sense to introduce US tax for them - I could see this being change coming our way. Not saying it is fair or not or good or bad, I dont have enough info to make that determination, but just saying how it might look from the outside.

The tax allowance isn’t supposed to cover all of your taxes. You have to cover the employee portion of self employment taxes plus any taxes on non-WB income. If your allowance doesn’t cover your taxes on your WB income, you can request a safety net calculation. That being said, I know lots of people at the bank and other io’s and really hope you all will be ok.

[Anonymous]

PP, this is OP.

I know that it is not supposed to cover it all and that I am supposed to cover the self-employment part myself. I don't have any other income besides by WB salary. I have tried to request safety net but was denied, very few people, in fact I don't know of any that get a safety net. But that is not the point, I am fine with having to pay US tax (I am paying towards SS and Medicare - which I hope will exist for me in the future if Trump doesn't dismantle them too), the point is that there is potential tax revenue for US that is not collected from WB staff.

[Anonymous]

Anonymous wrote:Without a World Bank, who will enrich the elites of Third World nations?

Trump and Musk will set up direct lines.

[Anonymous]

Anonymous wrote:Would anyone even notice if the world bank disappeared? Except for the people who work there?

I wish African ountries had other sources of borrowing money to finance their projects. WB funds come with strings attached.

[Anonymous]

US staff members would almost certainly be released if the US left. While the Bank could survive without the US, the IMF almost certainly could not. It is only allowed to use currencies of member countries. Balance of payments support without access to the dollar is meaningless.

It would be a catastrophic own-goal from the US, but that doesn’t mean that they won’t do it. Fortunately most IMF staff are well qualified and will be able to get jobs in their home countries.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would anyone even notice if the world bank disappeared? Except for the people who work there?

I wish African ountries had other sources of borrowing money to finance their projects. WB funds come with strings attached.

They can borrow from anyone they want, including China and the private sector.

World Bank conditions are largely about governance etc and aimed at making sure the money is well spent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would anyone even notice if the world bank disappeared? Except for the people who work there?

Yes, this is a massive mistake. Amazing how one administration can diminish US stature in the world so quickly.

I am in the Third World a lot. No one has ever said to me, "Thank you American for the World Bank!"

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would anyone even notice if the world bank disappeared? Except for the people who work there?

Yes, this is a massive mistake. Amazing how one administration can diminish US stature in the world so quickly.

I am in the Third World a lot. No one has ever said to me, "Thank you American for the World Bank!"

Are you there now? Is that where the troll farm is?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Would anyone even notice if the world bank disappeared? Except for the people who work there?

Wow. Educate yourself.

+1. It really is amazing how people who know nothing about a subject just reflexively show their ass (and ignorance), sharing their toddler-level view of the world.

I love it when others think I should be impressed/in awe of their role in a completely made up little game. You can think the WB is the bees knees, but it eally isn't. You have the same stink that FSOs have. The actual FSOs, not the spies.