US President Donald Trump has nominated David Malpass, a critic of multilateral institutions like the World Bank, to replace Jim Yong Kim as the World Bank president.
Trump’s pick dashed the hopes of former Nigeria’s Finance Minister and World Bank vice-president Dr Ngozi Okonjo-Iweala, to head the institution.
Malpass is a Trump loyalist who served as senior economic adviser to the president during his campaign in 2016, and currently the undersecretary for international affairs at the Treasury Department of the United States.
“I am certain there could be no better candidate to lead the World Bank than David. He’s going to do very well,” Trump said from the White House on Wednesday night.
Responding to his nomination, Malpass said he is very optimistic the bank can achieve breakthroughs in combating extreme poverty.
“I’m very optimistic that we can achieve breakthroughs to create growth abroad that will help us combat extreme poverty and increase economic opportunities in the developing world,” Malpass said.
Malpass had criticized both the World Bank and the International Monetary Fund, calling for improvements in the bank’s lending programmes.
He said a process must be in put in place “to focus, prune and streamline” such multilateral institutions.
The US nominee has always gone on to be the president of the World Bank — since it was founded over 70 years ago.
For the first time in 2012, the nomination for the World Bank presidency was widened outside the US as governors from developing countries nominated Okonjo-Iweala.
Okonjo-Iweala is expected to contest the post for a second time —if nominated.