US President Donald Trump has nominated noted economist David Malpass to head the World Bank and ensure that the bank's dollars are spent "effectively and wisely" and to "serve American interests," sparking concerns that he may seek to reduce the role of the global lender.
A Trump loyalist and a vocal critic of the World Bank, 62-year-old Malpass was a senior economic adviser to the US president during his 2016 election campaign.
If approved by the Directors of the World Bank Group, Malpass, currently the under secretary for international affairs at the US Treasury Department, would replace Jim Yong Kim as the president of the World Bank.
Kim stepped down abruptly early this year, effective February 1, three years before the end of his term.
Announcing his nomination on Wednesday, Trump declared Malpass, a long-time Republican, as a "special man", and as someone who was eminently qualified for the position.
"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.
The president, who frequently criticises multilateral institutions, said he expected Malpass to ensure that the bank's dollars "are spent effectively and wisely, serve American interests and defend American values."
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