World Bank names David Malpass as 13th president

United States President Donald J. Trump announces David Malpass as his choice to serve as president of the World Bank in the Roosevelt Room of the White House in Washington DC

David Malpass left at the White House with President Donald Trump

US President Donald Trump introduces the US candidate in election for the next President of the World Bank David Malpass at the White House in Washington.

Senior U.S. Treasury official David Malpass was appointed president of the World Bank Group, placing a loyalist of President Donald Trump at the helm of the development lender.

To reach their unanimous decision, the Executive Directors followed the selection process agreed in 2011, which includes an open, transparent nomination where any national of the bank's membership could be proposed by the Executive Director or Governor through another Executive Director.

Scott Morris, a former Treasury official and senior fellow at the Center for Global Development, said Malpass's Friday remarks were an "important and constructive signal", but that bank shareholders would have to exercise strong oversight to be sure the bank's mission stays on track.

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Malpass - who has softened his message since being tapped to lead the World Bank - begins his five-year term on Tuesday, replacing former President Jim Yong Kim, whose surprise departure came not even halfway through his second term.

He was Trump's main economic adviser in the run-up to the 2016 United States election.

Malpass, 63, had served as Treasury undersecretary for global affairs under Trump.

"The World Bank must play a leading role in the joint efforts to fulfill their wishes of a life with education, a job and a future, in environments not under threat of disruption by climate change" says the minister.

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He also played an instrumental role in advancing the Debt Transparency Initiative, adopted by the World Bank and International Monetary Fund, to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises, the statement added.

He has softened his message recently, however, saying he is committed to the bank's mission of eliminating extreme poverty and that reforms enacted past year as part of a $13 billion capital increase addressed many of his criticisms.

Meanwhile, Malpass, from his side, noted that he would implement reforms that would help the bank "combat extreme poverty and increase economic opportunities in the developing world".

Professor Christopher Kilby, an expert on the economics of foreign aid at Villanova University near Philadelphia, said it is likely that China and other shareholders did not push back on Mr Malpass' appointment as they "recognise that they are unlikely to succeed in derailing the U.S. nominee".

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