Donald Trump to choose Treasury Department's David Malpass to lead World Bank

The Washington-based World Bank has been led by an American ever since it was founded in the aftermath of World War II while its sister institution the International Monetary Fund, has always been led by a European. — File

A European diplomatic source told Reuters news agency that the Trump administration had notified several countries of the Malpass nomination, adding that European shareholders of the bank were not likely to block it.

Reports have emerged that Trump will nominate David Malpass, a Treasury Department official, to be the new head of the World Bank.

Malpass has been heavily involved in U.S.

Malpass, the Treasury's Undersecretary for International Affairs, drove the negotiations on a capital increase and reform package for the World Bank previous year.

As the biggest shareholder, the United States has sway over the selection of the new World Bank president but it does not have a veto and needs the backing of European nations. He has also criticized the bank's lending criteria, while taking potshots at what he sees as a bloated staff with inflated salaries.

Malpass' selection was confirmed by a senior administration official who spoke on condition of anonymity because the official wasn't authorized to comment publicly on personnel decisions. "He still sees the institution through that lens".

According to the Washington Post, Malpass has accepted Trump's offer to lead the bank.

More news: Six Nations: Manu Tuilagi’s back with a bang

On the surface, the choice mirrors other Trump nominations, both for domestic and global positions, with leaders seemingly hand-picked to undermine the agencies they are tapped to lead. Rick Perry, the secretary of energy, famously sought to abolish that department during his own failed run for president.

Malpass would succeed Jim Yong Kim, who announced in January that he was stepping down three years before his term was to expire.

The senior Treasury official is expected to be nominated tomorrow, according to Politico.

The World Bank has been led by an American ever since it was founded in the aftermath of World War II. The World Bank, for example, has all but ended its financial support for coal-fired power plants in countries around the world, since burning coal contributes to global warming.

Over the past two years, Malpass has pushed for the World Bank to halt lending to China, which he says is too wealthy for such aid, especially when Beijing has subjected some developing countries including Sri Lanka and Pakistan to crushing debt loads with its "Belt and Road" infrastructure development programme. At Treasury, he argued against pumping more USA money into the bank while it was lending more money to China than anywhere else.

"China borrows cheap from the World Bank and relends money with a geopolitical markup, lending according to its own geostrategic priorities", said Benn Steil, the director of worldwide economics at the Council on Foreign Relations. One barrier is China, which wants to continue tapping the Bank's funds.

However, he cautioned that failure to name a "credible" candidate could unite World Bank members to oppose the United States choice, especially if that choice is "a person seen as hostile to the institution". He has argued that the bank, a lending institution with a focus on emerging countries, has concerned itself too much with its own expansion and not enough with its core missions, like fighting poverty. "China doesn't necessarily need the money, it's more the incentives those loans create", he said.

Related News:

Most liked

Jason Holder ban 'crippling', says Windies president
The hosts won the first Test by 381 runs and then defeated the Three Lions by 10 wickets in the 2nd Test. When is West Indies vs England taking place? . "The Test didn't go three days".

Priyanka Chopra shares why she took Nick Jonas' last name
She shared: "One Indian ceremony, one western Christian ceremony, and one day of pre-rituals, which we have in the Hindu wedding". Priyanka further talked about why she made a decision to write a book Unfinished which will be published this year.

Newly obtained documents show health overhaul well underway
The documents say the new agency "has the competency and capacity to effectively partner with public and private sector entities". The extremely detailed material outlines a system administered by a super agency overseeing 30 to 50 regional "MyCare" groups.

Bradley Cooper Discusses Oscars Snub: "I Was Embarrassed"
Gaga is also nominated for Best Pop Solo Performance for the piano version of her song " Joanne ". The trick is to make something you believe in and you work hard".

Ivanka Trump Responds To Exhibit With A Look-Alike Vacuuming
Ivanka Trump has inspired a performance art piece at a Washington, D.C., gallery - and she's not happy about it. Trump quote-tweeted a write-up by The Hill on the exhibit.

Nantes Demand Payment From Cardiff City For Emiliano Sala
The BBC also report that Nantes are threatening legal action if they do not receive the first payment from Cardiff in 10 days. Air accident investigators have confirmed that an attempt to recover the body found in the wreckage has begun.

US Congresswoman Tulsi Gabbard officially declares 2020 presidential nomination
Gabbard has not been a factor in early 2020 opinion polls, and her nascent campaign already has shown signs of trouble. She compounded the backlash by expressing skepticism about reports of Assad using chemical weapons against civilians.

Iraqi President Says Trump Did Not Ask Permission To 'Watch Iran'
Votel confirmed he was among those left in the dark, telling the Senate panel: "I was not aware of the specific announcement". The bill and its easy passage show the deep discontent caused by the policies within the president's own Republican ranks.

Key figure lashes Darren Weir as four-year ban looms
Nor will he fight against the charge issued against him for conduct prejudicial to the image, interests or welfare of racing. The devices are known as "jiggers" and can cause horses to run faster in conjunction with a jockey using their whip.

Ariana Grande not Performing at or Attending the Grammys after Disagreement
Reps for the Grammy producers did not yet respond to Variety's request for comment at this time. Ariana Grande will not perform at, or even attend, this year's Grammy Awards ceremony.

John Wall will miss 12 months after slip and fall at home
Wall, a five-time all-star, averaged 20.7 points, 8.7 assists and 3.6 rebounds in 32 games for the Wizards this season. The loss of Wall is obviously a tough blow for the Wizards - a team with playoff aspirations.

New Study Notes Rise In Obesity-Related Cancer Cases In Younger Americans
The researchers noted that young adults still have an overall lower risk of developing these cancers, compared with older adults. For the study, the researchers analyzed data from 25 state cancer registries that cover 67 percent of the US population.

Apple agrees to €500m tax settlement with France
Most of its sales are booked in Ireland where the U.S. firm has its European headquarters, and which has a low corporate tax rate. Apple has been slapped with a hefty tax bill in France, according to several reports.

In Democratic response, Abrams sharply rebukes Trump
Foreign policy, including Trump's talks with North Korean leader Kim Jong Un, will be a heavy focus of the speech. Once the shutdown ended, without the funding Trump had wanted for his wall, the two rescheduled his speech.

Why women's grey matter ages better than men's
A new research has tried to shed light on a popular myth that women remain mentally sharper than men as age begins to check in. They found that women's brains were more youthful as young adults, and the trend continued into old age.