US President Donald Trump has
nominated David Malpass, a critic of multilateral institutions like the World
Bank, to replace Jim Yong Kim as the World Bank president.
Malpass is a Trump loyalist, who
served as senior economic adviser to the president during his campaign in 2016,
and currently the undersecretary for international affairs at the Treasury
Department of the United States.
“I am certain there could be no
better candidate to lead the World Bank than David. He’s going to do very
well,” Trump said from the White House on Wednesday night.
Responding to his nomination,
Malpass said he is very optimistic the bank can achieve breakthroughs in
combating extreme poverty.
“I’m very optimistic that we can
achieve breakthroughs to create growth abroad that will help us combat extreme
poverty and increase economic opportunities in the developing world,” Malpass
said.
Malpass had criticized both the
World Bank and the International Monetary Fund, calling for improvements in the
bank’s lending programs.
He said a process must be in put
in place “to focus, prune and streamline” such multilateral institutions.
The US nominee has always gone on
to be the president of the World Bank — since it was founded over 70 years ago.
For the first time in 2012, the
nomination for the World Bank presidency was widened outside the US as
governors from developing countries nominated Ngozi Okonjo-Iweala, former
minister of finance.
Okonjo-Iweala is expected to
contest the post for a second time — if nominated.
At the World Economic Forum in
Davos, 2019, Okonjo-Iweala was asked if she would recontest, she said: “I know
that, because I contested the last time in 2012, and many people were asking
that question. It is a shareholder’s decision and they have to decide how they
want it. Someone has to nominate”.
“If the right person were to
nominate, and if the circumstances are right and people feel I can do the job,
yes.”
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