US Treasury Official And Trump Aide David Malpass Selected As World Bank President, Succeeds Jim Yong-Kim

David Malpass (Pic via US Treasury Department website)

David Malpass, a top official of United States Treasury and aide of President Donald Trump, was unanimously selected as the thirteenth President of World Bank on 5 April, reports The Hindu.

The Wold Bank’s 25-member executive panel unanimously approved the 63-year-old’s appointment to the top post. Malpass is currently the Under Secretary of Treasury International Affairs in the Trump administration.

Malpass was reportedly a senior economic adviser to the US President during his 2016 election campaign.

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Malpass is succeeding Jim Yong-Kim, who had stepped down from the institution on 1 February. Kristalina Georgieva, chief executive officer (CEO) of the bank is acting as its interim president. Malpass will take over the charge for a five year term, starting 9 April.

According to the report, all of the Presidents of the the World Bank, since its creation after the conclusion of the second World War, has been Americans.

Malpass, as under secretary, represented the US across the global forums, such as G-7, G-20, World Bank-IMF meetings, Financial Stability Board and Overseas Private Investment Cooperation.

As per the report, the World Bank President is also the Chair of Boards of Directors of the International Bank for Reconstruction(IBRD) and Interantional Development Agency(IDA).

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