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World Bank says US official lone candidate for presidency

AFP  |  Washington 

The confirmed Thursday that senior was the lone candidate nominated to take over the helm of the development aid institution.

Nominations closed Thursday morning, and the board said it will conduct a formal interview and make a decision before the Spring meetings of the and International Monetary Fund, which are to be held April 12-14.

The surprise early departure of World Bank on February 1, not even halfway through his second five-year term, gave US the opportunity to put his stamp on the organization.

Malpass, a 62-year-old Treasury in charge of international affairs, has been a of the international financial institutions, calling their lending practices "corrupt" and complaining about aid to and other relatively more well-off countries that he says should have graduated from the institutions.

has been led by American men since its founding in the aftermath of World War II, while its sister institution, the IMF has always been led by a European.

In recent years, the growing emerging market countries have challenged this unwritten arrangement, demanding a more open, merit-based selection process.

Any of the 189 members could nominate a candidate, but only once was a non-American nominated to lead the bank.

The is the biggest World Bank shareholder but it does not have a veto and needs the backing of European nations in a simple majority vote by the board.

Experts have reasoned that does not want to give up the leadership of the IMF -- where France's is at the helm -- and therefore was not likely to support a rival candidate at

Many, including former Treasury officials from both political parties, have sharply criticized and his qualifications, pointing to his failure to foresee the global financial crisis and opposition, which later proved unjustified, to Federal Reserve policies.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 14 2019. 23:45 IST