David Malpass, US President Donald Trump's nominee to lead the World Bank, won unanimous approval from the institution's executive board.
Details:
- The bank said that Malpass, the US Treasury's undersecretary for international affairs, will start his new role on April 9th 2019.
- Malpass, a former Bear Stearns and Co chief economist who advised Trump's 2016 election campaign, was the sole candidate.
- This time around, bank board members had said there was little appetite for a challenge to a US candidate from developed economies such as Europe and Japan, and from larger emerging markets such as China and Brazil.
One must know:
- Malpass said he would uphold the bank's commitment to reducing poverty in the poorest countries and to fight climate change, and pursue goals stated in a $13 billion capital increase last year.
- Malpass emphasized the need to fight extreme poverty and "foster broad based growth for each and every borrower, and a stronger, more stable global economy for all."
- Malpass in the past, had been critical of the World Bank's continued lending to China, arguing that the world's second-largest economy was too wealthy for such aid while it was loading up some countries with unsustainable debt from its Belt and Road infrastructure program.
- Malpass intends to make his first trip as World Bank president in late April to Africa.
Question:
Q. Who has been named as the President of World Bank?- David Malpass
- Roger Malpass
- Goerge Malpass
- Robert Malpass
