David Malpass is the new World Bank President. He was unanimously appointed to the top position by the bank’s board of directors. Notably, he was also Trump’s pick for the role. Before his appointment, he served as a senior official in the US government and was one of Trump’s top economic advisers during the 2016 campaign.
David’s appointment to the World Bank has raised concerns among observers given his critical views on the international financial body. In the past, the former Bear Sterns employee questioned World Bank’s practices like lending funds to well-to-do economies like China and Brazil.
Some argue that he could move funds away from developed economies toward the world’s poorest nations. Some also worry that his decisions at the top lending institution may be influenced by President Trump.
However, since his nomination in February, Mr. David Malpass has softened his position on World Bank matters. In March, the well-read Economist told The New York Times that he was determined to maintain World Bank’s agreements with China and its position on environmental matters.
The World Bank President is usually appointed by the bank’s board of directors; the US, which has the highest voting rights, often picks the leader of the international lending institution.
Mr. Malpass will start his new role on Tuesday 9th April 2019. He takes over from Jim Yong Kim, a President Obama nominee who led the bank for six years before taking up a job with an investment Bank.