David Malpass Selected New President of World Bank Group

President Donald Trump shakes hands with Under Secretary of the Treasury for International Affairs David Malpass Pic CNBC

Washington, 05 April 2019 (Xinhua News)

David Malpass, US Undersecretary for International Affairs at the U.S. Treasury Department, was selected as President of the World Bank Group for a five-year term beginning on April 9, 2019, the World Bank Group said in a statement Friday.

Malpass, 63, was chosen by U.S. President Donald Trump in early February as the U.S. candidate for the post, and has secured approval from the World Bank’s board after a campaign without competition.

The Board expressed its deep gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months, the World Bank Group said in the statement. Former World Bank chief, Jim Yong Kim, abruptly announced his resignation in early January.

Candidates picked by the United States, the World Bank’s largest shareholder with 16 percent of its voting power, have all ended up assuming the leadership post since the institution’s inception in 1944.

/ Current Affairs

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M Ashraf Siddiqui

Editor and publisher Ashraf Siddiqui is a well known Qatar based journalist and a social worker. He has been in Arabian Gulf Peninsula over 4 decades and enjoys rich knowledge on Middle East affairs

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