US Treasury official David Malpass elected as World Bank's president

United States President Donald J. Trump announces David Malpass as his choice to serve as president of the World Bank in the Roosevelt Room of the White House in Washington DC

Malpass, a Donald Trump loyalist who was a senior economic adviser to the US President during his 2016 election campaign, became the World Bank President on Friday evening through a unanimous selection made by the Executive Directors of the World Bank. The US holds a 16% share of the board's voting power and has traditionally chosen the World Bank's chief. "In sub-Saharan Africa, the number of people living in extreme poverty is on the rise, and 15 million new jobs would be needed every year to keep up with population growth", the former Wall Street economist said.

The group said "thorough due diligence and a comprehensive interview of Mr. Malpass by the Executive Directors followed the nomination".

"I welcome the appointment of David Malpass as the next President of the World Bank Group".

Malpass writes a column for Forbes magazine, is a contributor to the op-ed section of The Wall Street Journal, and a frequent television commentator. As Under Secretary, he represented the United States in global settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-International Monetary Fund Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organisation for Economic Cooperation and Development, and the Overseas Private Investment Corporation.

Donald Trump, the U.S. president, had announced Malpass as his preferred candidate as head of the Bretton Woods institution in February.

Malpass said he did not participate in this week's US-China trade talks and is winding down his role at the Treasury.

However, in his Treasury post, Malpass helped win support previous year for a $13 billion funding increase for the bank.

Malpass was serving in the Trump administration as Treasury's under secretary of worldwide affairs. "But saying he understands the multilateral goals of the bank is one thing, and embracing the agenda is something else", Morris said.

Before his nomination, Malpass portrayed the World Bank as too big, inefficient and reluctant to cut funding for developing countries that grow into dynamic emerging markets.

Malpass was approved unanimously by the bank's 25-member executive board.

The World Bank's 25-member executive board unanimously approved 63-year-old Malpass, who is now Under Secretary of Treasury for International Affairs, as the development lender's 13th President for a five-year term beginning April 9, according to a statement. Senior managers this year received no salary increases.

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