Trump candidate: US economist Malpass only candidate for World Bank chief posts
Europe renounces the revolt: Donald Trump's candidate David Malpass is expected to be World Bank chief. Critics fear he wants to weaken the institution.
David Malpass is likely to become the new president of the World Bank. The economist proposed by US President Donald Trump was the only candidate after the nomination process was completed, the World Bank said.
In the coming days there will be a formal conversation between the executive directors and the candidate. The application process should be completed before the Joint World Bank and International Monetary Fund (IMF) spring meeting to be held April 9-14 in Washington.
As the largest shareholder, the US is traditionally allowed to appoint the World Bank president, while the Europeans are the head of the IMF. Following the surprise resignation of World Bank President Jim Yong Kim in January, there were calls to break with this tradition.
In the video: David Malpass nominated as World Bank chief
Because Malpass has repeatedly criticized the World Bank in the past - critics fear that he wants to weaken the institution from within. "An incorrigible arsonist is now our fire chief," tweeted the Liberian ex-politician Gyude Moore, as the nomination was known.
Malpass is trusted by US Treasury Secretary Steven Mnuchin and backed by President Trump. The former investment banker has already done government roles for Presidents Ronald Reagan and George HW Bush in various capacities. In the Treasury Trumps he negotiated, inter alia, a capital increase of the World Bank.
Recently it had been speculated whether Europe would turn against Malpass' nomination and name its own candidates. Already in 2012, some states had nominated two respected experts from Nigeria and Colombia - but the US prevailed with their proposal.