David Malpass, a United States Treasury official, was unanimously chosen to be the next president of the World Bank on Friday.
US President Donald Trump had nominated Malpass for the post in February. Malpass has in the past criticised the World Bank and other institutions like the International Monetary Fund for being “entrenched” and “intrusive”.
Malpass said he was honoured by the appointment. “Our twin goals of eliminating extreme poverty and achieving shared prosperity are more relevant than ever,” he said.
He will begin his five-year term on Tuesday. He succeeds Jim Yong Kim, who stepped down abruptly in January to join an investment firm.
Malpass won unanimous approval from the World Bank’s executive board, which has 25 members, according to BBC. The US holds a 16% share of the board’s voting power and has traditionally chosen the World Bank’s chief. China, which is the World Bank’s third-largest shareholder after Japan, has a 4.5% share of voting power.
Malpass, who has been a critic of the World Bank, has softened his message recently, saying he was committed to the bank’s mission of eliminating extreme poverty, and that reforms enacted last year had addressed many of his criticisms, according to AFP.
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