Trump nominates critic of global institutions to lead World Bank

Mae Love
February 7, 2019

Malpass, who is now Trump's undersecretary for worldwide affairs at the Treasury Department, has been a sharp critic of the 189-nation World Bank.

But the official said Mr Malpass would be a "pro-growth reformer" who would implement strategies to better improve economic growth and living standards in the poorest countries.

"Well, China has plenty of resources, and it doesn't make sense to have money borrowed in the United States, using the USA government guarantee, going into lending in China for a country that's gotten other resources and access to capital markets". -China trade negotiations as he campaigns for the World Bank presidency.

His nomination has stirred debate, as some worry that Mr Malpass, a critic of the bank, will seek to reduce its role.

President Donald Trump on Wednesday tapped a well-known World Bank critic to lead one of the world's primary development lending institutions.

"America is the largest contributor of the World Bank, giving it over $1 billion every year", the president said, pointing to oversight to ensure US dollars are spent "effectively and wisely, serve American interests, and defend American values".

The US, the bank's largest shareholder and a major source of its funding, has traditionally held sway over the selection process for president.

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He has also pushed the bank to reduce its lending to China, which he says is too wealthy to deserve such aid, and deploys harsh practices when lending to other countries.

An American has led the World Bank since its start in the 1940s, when it was created to help rebuild Europe in the aftermath of World War II.

"I'm very optimistic that we can achieve breakthroughs to create growth overseas that will help us combat extreme poverty and create economic opportunities in the developing world", Malpass said.

If approved, Malpass would replace Kim, a physician and former university president who resigned more than three years before his term ended to join private equity fund Global Infrastructure Partners.

Malpass worked as the chief economist at Bear Sterns when the investment bank tanked during the 2008 financial crisis.

President Donald Trump announced Treasury official David Malpass as his nominee to be the next president of the World Bank, in a White House ceremony Thursday.

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