Trump nominated David Malpass in February, choosing a loyal supporter who had been sharply critical of China and called for a shakeup of the global economic order.
David Malpass, shown Feb. 6, was nominated for the World Bank post by President Trump. The senior U.S. Treasury official had been sharply critical of China and called for a shakeup of the global economic order.
Malpass was unanimously selected to serve a five-year term starting April 9, the World Bank’s executive board said in a statement Friday.in February, choosing a loyal supporter who had been sharply critical of China and called for a shakeup of the global economic order. Critics including Nobel laureate Joseph Stiglitz questioned the selection, pointing to Malpass’ doubts about international cooperation.
Before his nomination, Malpass portrayed the World Bank as too big, inefficient and reluctant to cut funding for developing countries that grow into dynamic emerging markets. He pushed the bank to lend less to China, arguing that the world’s second-biggest economy has the financial resources to support itself.
Malpass succeeds Jim Yong Kim, who stepped down Feb. 1 to join an investment firm. Kristalina Georgieva, chief executive of the bank, has been acting as the interim president.
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