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US Treasury official David Malpass named World Bank President

Malpass was unanimously selected to serve a five-year term from April 9

Press Trust of India  |  Washington 

David Malpass
David Malpass | Photo: Reuters

David Malpass, a top US Treasury in administration, was Friday unanimously selected as the new of the

The World Bank's 25-member board unanimously approved 63-year-old Malpass, who is currently Under of Treasury for Affairs, as the development lender's 13th for a five-year term beginning April 9, according to a statement.

Malpass, a loyalist of Donald Trump, succeeds Jim Yong Kim, who stepped down on February 1 to join an investment firm. Kristalina Georgieva, officer of the bank, has been acting as the interim president

was a senior economic adviser to the US president during his 2016 election campaign.

Malpass, who has been a longtime critic of global financial institutions, was nominated in February. No other countries had proposed any candidates to challenge Malpass, making his selection by the board all but assured.

Since the bank's creation following World War II, all of its presidents have been American men.

The President is of Boards of Directors of the for Reconstruction and Development (IBRD) and Development Association (IDA).

The President is also ex officio of Boards of Directors of the International Finance Corporation (IFC), (MIGA), and the Administrative Council of the (ICSID).

As Under Secretary, represented the US in international settings, including the and 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

As Under Secretary, he played a crucial role in several major Group reforms and initiatives, including the recent capital increase for IBRD and IFC.

He was also instrumental 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.

Prior to becoming Under Secretary, he was an and founder of a macroeconomics research firm based in

Earlier in his career, served as the US Deputy Assistant of the Treasury for Developing Nations and of State for Latin American Economic Affairs. In these roles, he focused on an array of economic, budget, and foreign policy issues, such as the United States' involvement in multilateral institutions, including the World Bank.

Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the

He earned his bachelor's degree from and his MBA from the He undertook advanced graduate work in international economics at the School of at

First Published: Fri, April 05 2019. 23:30 IST