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.



Latest news

Kirstjen Nielsen, Department of Homeland Security Secretary, is resigning from her position
Trump insists that the arrival of immigrants across the southern US border constitutes a national emergency. President Trump has tweeted that Kevin McAleenan will replace Nielsen as DHS secretary.

Assange May Be Expelled from Embassy Within Hours or Days
Ecuador's foreign ministry has issued a statement refusing to comment on what it calls "rumours, theories or conjectures". Mr Moreno reiterated Tuesday that the government continues "to seek a solution" to Assange's situation.

Measles case confirmed in LaGrange County
Measles symptoms usually start at around 10 days after contact with an infectious person. The Centers for Disease Control and Prevention recommends two doses of the vaccine.

The Relationship between Procrastination and Creativity
Therefore despite the fact that the two are a great combination, too much of the delay can cause the creativity to be a flop. The Bad Side Despite the fact that creativity and procrastination work well together, too much of delay can be deadly.

Other news