David Malpass has emerged as President of the World Bank.
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.
To reach their unanimous decision, the Executive Directors followed the selection process agreed in 2011, which includes an open, transparent nomination where any national of the bank’s membership could be proposed by the Executive Director or Governor through another Executive Director.
Malpass’s five-year term will start counting as from Tuesday, April 9, 2019.
His nomination was followed by thorough and comprehensive interview by the Executive Directors before he was announced as the new World Bank President.
He will take the reins of leadership of the global institution from interim President Kristalina Georgieva who replaced Jim Yong Kim who served as the 12th President of the institution from July 2012 to February 2019.
The American had served in various capacities before being offered his new position. He previously served as Under Secretary of the Treasury of International affairs for the United States. While in this position, he payed a crucial role in several major world Bank Group reforms and initiatives, including the recent capital increase for IBRD and Interrnational Finance Corporation (IFC).
He was also instumental in advancing the Debt Transparency Initiative adopted by the World Bank and International Monetary Fund (IMF) to increase public disclosure of debt, thereby reducing the frequency and severity of debt crises.
The board said it looks forward to working with Malpass on the Implementation of the Forward Look and the capital package agreement as articulated in the sustainable Financing for Sustainable Development Paper.