United States President Donald Trump on Wednesday nominated David Malpass for the post of the World Bank president, Reuters reported. Malpass is the under-secretary for international affairs at the US Treasury.
Malpass has in the past criticised the World Bank and other institutions like the International Monetary Fund for being “entrenched” and “intrusive”, according to the BBC.
“My administration has made it a top priority to ensure that US taxpayers’ dollars are spent effectively and wisely, serve American interests and defend American values,” Trump said as he nominated Malpass, reported CNN. “David has been a strong advocate for accountability at the World Bank for a long time.”
Malpass said he cared deeply about “breaking out of poverty and achieving growth and I’m sure that the World Bank can succeed”, reported Financial Times.
Trump’s nomination of Malpass is subject to a vote by the World Bank’s executive board and may be challenged by some of its 188 shareholding countries. The US is the largest shareholder with 16% of voting power and has traditionally chosen the bank’s president.
Former World Bank President Jim Yong Kim had announced his resignation in January, more than three years before his term was to end in 2022.
Malpass has previously urged the bank to cut back lending to China, which he argued is wealthy for such aid when it is burdening poorer countries with debt in its Belt and Road infrastructure drive.