Published: Sun, April 07, 2019
Global News | By Blake Casey

World Bank names David Malpass as 13th president

World Bank names David Malpass as 13th president

The US Treasury official in charge of worldwide affairs, Malpass had been the lone candidate for the World Bank job and his nomination by US President Donald Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender's mission.

Senior US Treasury official David Malpass has been selected as President of the World Bank.

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.

Doug Hertzler, senior policy analyst with ActionAid USA in D.C., said he found it "disturbing" that "someone who has been against global cooperation would be named to head the World Bank, really without much objection".

The Board said it looked forward to working with Mr. Malpass on the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

Malpass, a former Bear Stearns and Co chief economist who advised US President Donald Trump's 2016 election campaign, was the sole candidate for the job. However, no other country put forward a candidate to challenge Malpass.

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Highlighting the 13-billion-U.S. dollar capital increase and other reforms that the World Bank shareholders endorsed in April 2018, Malpass said, "With shareholders and dedicated staff, there is a great opportunity now to implement these constructive reforms that will lead to faster growth and greater prosperity".

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.

One of those reforms winds down lending to higher-income countries such as China, a plan Malpass has endorsed.

Mr. Malpass, who has been a longtime critic of global financial institutions, was nominated in February.

In a phone interview with the Reuters news agency, Malpass said he would uphold the bank's commitment to reducing poverty in the poorest countries and to fight climate change, and pursue goals stated in a $13bn capital increase a year ago.

The Trump administration has questioned the value of multilateral institutions including the United Nations and the World Trade Organization.

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