David Malpass on way to be next World Bank president

David Malpass on way to be next World Bank president

Agency News

New Delhi, Mar 15 : David Malpass, US Under Secretary for International Affairs in the Department of the Treasury, looks certain to be the next president of the World Bank as he is the lone candidate nominated to the post.

The bank’s Board of Executive Directors said the period for submitting nominations for the position of the next President of the World Bank closed on Thursday and it has received only one nomination for the post.

The former Bear Stearns chief economist will be interviewed by the executive directors of the bank in Washington in the coming days, the development lender said in a statement, adding that the selection process could be concluded before the Spring Meetings of 2019 scheduled for April 12-14.

A former Trump campaign adviser, Malpass has earlier raised concerns because of his statements that he would use the bank to promote the US president's controversial "America First" agenda.

Malpass' nomination was prompted by the departure in January of Jim Yong Kim, who left the bank three and a half years before the expiry of his term in 2022.

The US is the biggest shareholder of the World Bank which has been led by Americans since its founding in the aftermath of World War II.

However, in recent years emerging economies have been demanding a more open, merit-based selection process. (UNI)