MercoPress. South Atlantic News Agency

US Treasury official David Malpass elected as World Bank’s president

Malpass played a crucial role in several World Bank reforms

David Malpass has been chosen as the president of the World Bank Group (WBG) on Friday after being unanimously elected by the executive board of the organization with no other candidates.

Former US Treasury official Malpass has become the 13th president of the World Bank, all of whom have been US citizens.

The statement by the WBG says that he was nominated through “an open, transparent nomination where any national of the Bank's membership could be proposed”.

Former president Jim Jong Kim announced his resignation on 7 January 2019 after 7 years of service.

In his role as Under Secretary of the Treasury for International Affairs in the Donald Trump’s administration, Malpass played a crucial role in several World Bank 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.       

The World Bank Group governs the operation of several international financial organizations — the World Bank, the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).