Trump Nominates David Malpass to Replace Jim Kim as President of the World Bank

US President Donald Trump has appointed David Malpass, a critic of multilateral institutions, including the World Bank, to replace Jim Yong Kim, as the new World Bank president.

David Malpass, a Trump loyalist, served as the president’s senior economic adviser during his campaigns in 2016 and currently serves as the under-secretary for international affairs at the US Treasury Department. “I am certain there could be no better candidate to lead the World Bank than David. He’s going to do very well,” Trump told the White House on Wednesday night.

In response to his nomination, Malpass said he was very optimistic about the bank’s ability to make breakthroughs in the fight against extreme poverty.

“I’m very optimistic that we can achieve breakthroughs to create growth abroad that will help us combat extreme poverty and increase economic opportunities in the developing world,” Malpass said.

In the recent past, Malpass had criticised both the World Bank and the International Monetary Fund policies, calling for  improvements in the bank’s lending programmes

He said a process must be put in place “to focus, prune and streamline” such multilateral institutions.

READ ALSO: Why Okonjo-Iweala may become first female World Bank President in 74 years

US nominees have always gone ahead to become president of the World Bank — since it was founded over 70 years ago.

For the first time in 2012, the nomination for the World Bank presidency was widened outside the US as governors from developing countries nominated Ngozi Okonjo-Iweala, Nigeria’s former minister of finance, who is expected to contest the post for a second time, if nominated.

At the World Economic Forum in Davos held last month, Okonjo-Iweala who was asked if she would recontest, said: “I know that, because I contested the last time in 2012, and many people were asking that question. It is a shareholders’ decision and they have to decide how they want it. Someone has to nominate”.

“If the right persons were to nominate, and if the circumstances are right and people feel I can do the job, yes.

 

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