David Malpass, Trump loyalist who was a senior economic adviser to the US President during his 2016 election campaign has emerged as President of the World Bank.
The selection of Malpass by the bank’s board of directors followed an “open, transparent” nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.
The 63-year-old Malpass has been a strident critic of global financial institutions, calling their lending practices “corrupt” and ineffective, and complaining they are overly generous to China.
Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States. As Under Secretary, Mr. Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.
In his role as Under Secretary, Malpass played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and International Finance Corporation (IFC).
The US Treasury official in charge of international affairs, said, Malpass had been the lone candidate for the World Bank job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender’s very mission.
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. Malpass earned his bachelor’s degree from Colorado College and his MBA from the University of Denver. He undertook advanced graduate work in international economics at the School of Foreign Service at Georgetown University.
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).
Malpass previously also held a senior role in the US State Department for Latin American affairs
He was also instumental in advancing the Debt Transparency Initiative adopted by the World Bank and International Monetary Fund (IMF) to increase public disclosure of debt, thereby reducing the frequency and severity of debt crises.