Post Views: 345 Ahead of next week’s opening of the World Bank Group’s spring meeting in Washington, U.S, its Executive Directors, on Friday, unanimou...
Ahead of next week’s opening of the World Bank Group’s spring meeting in Washington, U.S, its Executive Directors, on Friday, unanimously selected David Malpass as President for a five-year term from Tuesday, April 9, 2019.
Malpass, who previously served as Under Secretary of the Treasury for International Affairs for the U.S, where he represented the country in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, takes over from interim President Kristalina Georgieva, who reverts to her position as Managing Director of the group.
A statement by the World Bank said the Executive Directors followed the selection process agreed in 2011, which includes an open, transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This is then followed by thorough due diligence and a comprehensive interview of the nominee by the executive directors.
Malpass is expected to implement the Forward Look, as well capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.
He also represented the U.S in meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.
As Under Secretary, the new World Bank boss played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and IFC. He was also instrumental in advancing the Debt Transparency Initiative, adopted by the World Bank and IMF, to increase public disclosure of debt and thereby reducing the frequency and severity of debt crises.
Prior to becoming Under Secretary, Malpass was an international economist and founder of a macroeconomics research firm based in New York City and had earlier in his career served as the U.S. Deputy Assistant Secretary of the Treasury for Developing Nations and Deputy Assistant Secretary of State for Latin American Economic Affairs. In these roles, he focused on an array of economic, budget, and foreign policy issues, such as the United States’ involvement in multilateral institutions, including the World Bank.
Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on US–China Relations.
He earned his bachelor’s degree from Colorado College and MBA from the University of Denver, before undertaking advanced graduate work in international economics at the School of Foreign Service at Georgetown University.
The World Bank President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The President is also ex officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).