David Malpass elected as World Bank President

Former Under Secretary of United States Treasury Department, David Malpass, was on Friday appointed as the 13th president of the World Bank Group.

The World Bank, in a statement, said, "The Board looks 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."

On February 6, US President Donald Trump had nominated Malpass for the candidature in the elections to appoint the next president of the World Bank.

Quoting a senior government official, The Washington Post reported that Malpass, a former Wall Street economist, would aim to direct loans to "those countries that are the poorest and most in need of financial resources."

While announcing his name, Trump had stated that Malpass would be a "strong advocate for accountability" at the World Bank and would support the government's aim of ensuring "that U.S. taxpayer dollars are spent effectively and wisely."

Meanwhile, Malpass, from his side, noted that he would implement reforms that would help the bank "combat extreme poverty and increase economic opportunities in the developing world."

During his tenure as Under Secretary, Malpass represented the US in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organisation for Economic Cooperation and Development, and the Overseas Private Investment Corporation, the World Bank said.

He also played an instrumental role in advancing the Debt Transparency Initiative, adopted by the World Bank and IMF, to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises, the statement added.

Malpass is scheduled to assume charge on April 6.