World Watch

US President Donald Trump Nominates David Malpass As New World Bank president, Awaits Nod By Directors

Ending days of speculation when the likes of former Pepsi CEO Indira Nooyi were tipped for the post of World Bank president, US President Donald Trump has ended the suspense.

According to media reports, United States President Donald Trump has nominated a senior Treasury official David Malpass as the next president of the World Bank.

If voted by the Directors of the World Bank Group, he would replace Jim Yong Kim as the president of the world bank, a position which has traditionally been held by Americans.

The position of Managing Director of International Monetary Fund has gone to Europe.

Given the vote share of various countries inside World Bank, the confirmation of Malpass as its next president is now a mere formality.

Announcing his nomination on Wednesday, Trump declared Malpass as a “special man”, and as someone who was eminently qualified for the position.

In his current capacity as the Under Secretary of the Treasury for International Affairs, Malpass, 62, oversees the working of the International Monetary Fund and the World Bank.

An internationally renowned economist, Malpass brings 40 years of experience in economics, finance, government, and foreign policy to his new assignment, Trump said.

After receiving a degree in international economics from Georgetown University’s prestigious School of Foreign Service, Malpass served as deputy assistant secretary of the treasury under President Ronald Reagan and Deputy Assistant Secretary of State under President George H W Bush.

“The Wall Street Journal just said today in an editorial that David Malpass is an excellent choice, which is America is the largest contributor to the World Bank, giving it over USD 1 billion every year,” Trump said.

“My administration has made it a top priority to ensure that US taxpayers dollars are spent effectively and wisely, serve American interests and defend the American values,” he added.

“Malpass is a strong advocate for accountability at the World Bank for a long time,” said the US president

Most Popular

To Top