NewsExpress banner Firstbank Verve banner Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

World Bank gets new President

By News Express on 06/04/2019

Gmail icon

Views: 592


David Malpass, a senior US Treasury official in President Donald Trump’s administration, was unanimously chosen Friday as the next president of the World Bank. 

The selection of Malpass by the bank’s board of directors followed an “open, transparent” nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.

But since the bank’s creation following World War II, all of its presidents have been American men, following an unwritten rule that also ensures European leadership at the top of its sister institution, the International Monetary Fund.

The announcement came as expected just prior to next week’s joint spring meetings of the World Bank and the IMF.

Malpass begins his five-year term on Tuesday, replacing former President Jim Yong Kim, whose surprise departure in February came not even halfway through his second term.

Malpass had been the lone candidate for the job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender’s very mission.

The 63-year-old US Treasury official in charge of international affairs has been a strident critic of global financial institutions — calling their lending practices “corrupt” and ineffective, and complaining they are overly generous to China.

He has softened his message recently, however, saying he is committed to the bank’s mission of eliminating extreme poverty and that reforms enacted last year as part of a $13 billion capital increase addressed many of his criticisms.

In recent years, emerging market countries have challenged the unwritten arrangement on World Bank and IMF leadership, demanding a more open, merit-based selection process.

The bank has been at pains to stress that it has heard such criticisms and now allows a more open process. But the few non-American candidates in recent years have received little support from major bank shareholders.

Many, including former Treasury officials from both political parties, have sharply criticized Malpass and his qualifications.

They pointed to his failure to foresee the global financial crisis during his time at the now-defunct investment bank Bear Stearns and his opposition, which later proved unjustified, to post-crisis Federal Reserve policies.

Malpass previously also held a senior role in the US State Department for Latin American affairs.

“David will be an exceptional leader of the World Bank and I look forward to working with him in his new role,” US Treasury Secretary Steven Mnuchin said on Twitter. (AFP)

David Malpass speaks after US President Donald Trump announced his candidacy to lead the World Bank during an event in the Roosevelt Room of the White House in Washington, DC.  Brendan Smialowski / AFP

Source News Express

Posted 06/04/2019 05:21:26 AM

 

 

CLASSIFIED ADS

 

You may also like...
Government beefs up security at airports to forestall...

Hardship: Adegboruwa calls for mass protests

Lagos State throws weight behind Airtel Rising Stars...

Christian Elders condemn Buhari’s lopsided appointments, urge Christians...

Aka Ikenga drags President Jonathan, Gov. Fashola to...

Breaking: Mystery fire blazes at Uyo filling station...

How doctors saved Buhari’s son from death after...

Nigeria loses $6bn from oil deal

EFCC arraigns former Chief Judge for false declaration...

More trouble for Onnoghen as EFCC drafts charge...

Buhari restates commitment to defeat Boko Haram, seeks...

Ojukwu disowns “first son” in Will (plus profile...

 

Latest News 17 million Nigerian children ‘invisible’ — UNICEF FRSC bans transporting of youth corpers from 6pm Customs raises alarm on employment scam We’re closely monitoring Sowore’s case – EU Court stops Ganduje from inaugurating Kano Emirate council Anxiety in Edo as Obaseki, Oshiomhole flex muscles over APC rally 2023: What Igbo must do to be president – Uwazuruike, Ex-President, Aka Ikenga Intervene urgently in Ebonyi/Cross River boundary crisis, lawmaker tells FG Why Plateau is 2nd least corrupt state – Lalong Odds against Oshiomhole as APC chair Maritime Editors condemn attack on NPA MD at National Assembly EEDC releases whistle-blowing hotlines against electricity vandals in South-East

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (571,095 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (456,286 views) Shameless Genevieve Nnaji exposes breasts in public (406,187 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (341,281 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (307,570 views) 10 cars more expensive than Jets (291,805 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (261,169 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (260,182 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (241,621 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (228,167 views) Lagos plane crash: Journalist releases victims’ names (203,853 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (200,272 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (111) Business & Economy (4,619) Business Verdict (89) Columnists (1,156) Complaints & Requests (97) Enterprise & Opportunities (221) Entertainment (717) Features (855) Global Business Monitor (497) ICT Monitor (73) International (4,319) Interview (219) Live Commentary (30) Love Matters (178) Maggie's Blog (514) News (55,106) Opinion (1,437) Pidgin (18) Politics (11,872) Religion (1,133) Sports (2,252) Stock Watch (41) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera