April 10, 2021

Trump proposes David Malpass to preside over the World Bank

Trump proposes David Malpass to preside over the World Bank


Updated:

US President Donald Trump has formally proposed to David Malpass, current undersecretary of the Treasury, as a candidate for preside over the World Bank, a controversial decision given the acute criticism of the candidate's multilateral institutions to lead the organization.

In the act of official designation in the White House, Trump highlighted Malpass as "a very special person" with "more than 40 years" of financial experience and pointed out that there is no "best candidate" to lead the WB.

The appointment of Trump must be approved by the Executive Board of the international financial institution, which has already indicated that it will receive applications between February 7 and March 14 and that the selection process will be "based on merit and will be transparent" .

Malpass has been "honored" by the designation and committed to a "constructive reform" agenda of the World Bank.

The candidate to preside over the multilateral organization was one of those responsible for the US Treasury last year approved a capital increase of 13,000 million of dollars.

The position is currently covered interim by the Bulgarian Kristalina Georgieva, CEO of the institution, after the surprise departure of American Jim Yong Kim three years before the end of his second term.

Although Washington has the highest vote share in the World Bank, the Malpass candidacy could be rejected if it is blocked by the rest of the countries, something unlikely given the historic pact between the US and Europe to distribute the leadership of both agencies.

Established in 1944, together with its sister institution, the International Monetary Fund (IMF), within the framework of the Bretton Woods agreements, tradition establishes that it is the United States that names the president of the WB while Europe chooses the Fund's president.

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