Former US official David R. Malpass named World Bank President

Published On: April 6, 2019 10:17 AM NPT By: Republica | @RepublicaNepal

Photo courtesy: Business Today NG

KATHMANDU, April 6: David R. Malpass has been picked as the 13th president of the World Bank Group for a five-year term beginning on Tuesday, the World Bank Group said.

The Executive Directors of the World Bank unanimously selected David as the president of the World Bank on Friday, stated a press release issued by the WB Group.

The Board has expressed its gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.

"The Executive Directors followed the selection process agreed in 2011. The process included an open, transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Malpass by the Executive Directors," the WB Group said in its statement.

The international financial institution is looking forward to working with its new president on the implementation of the 'Forward Look' and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper, it said.

Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.

Prior to becoming Under Secretary, Malpass was an international economist and founder of a macroeconomics research firm based in New York. Earlier in his career, Malpass served as the U.S. Deputy Assistant Secretary of the Treasury for Developing Nations and Deputy Assistant Secretary 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 National Committee on US–China Relations.

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

The President is also ex officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).