Trump nominates David Malpass as World Bank president

WASHINGTON, President Donald Trump on Wednesday nominated current US Treasury Under Secretary David Malpass to serve as President of the World Bank.

Malpass has worked with the Trump administration in negotiations with China on trade and has overseen the government’s relationship with the International Monetary Fund (IMF) and World Bank.

Malpass has made previous comments critiquing the World Bank and has expressed concerns over globalism. This may hinder how the World Bank’s board views him since the group must approve the nomination.

“David was the right person to take this incredibly important job. In addition to his current service. David brings 40 years of experience,” Trump said in remarks at the White House.

The president highlighted Malpass degree from Georgetown University, work as Deputy Assistant Secretary of the Treasury under Ronald Reagan, and Deputy Assistant Secretary of State under George H. W. Bush.

“America is the largest contributor to the World Bank, my administration has made it a top priority that US taxpayer dollars are spent effectively and wisely. David has been a strong advocate of accountability at the World Bank,” Trump added.

For his part, Malpass said the moment is a “great opportunity to implement constructive reforms.” “I’m very optimistic that we can achieve breakthroughs that will create growth abroad that will help us combat extreme poverty,” he said. Treasury Secretary Steven Mnuchin said in a statement that Malpass’ nomination was “an excellent choice” and that as Under Secretary he “successfully negotiated a capital increase and reform package to focus the World Bank on its core mission of lifting up the standard of living in lower-income countries.”

Source: Kuwait News Agency