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US Treasury's David Malpass bags World Bank's top job

April 05, 2019 23:02 IST

The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.

Top Trump administration official David Malpass was on Friday selected as the 13th President of the World Bank.

The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.

 

All 13 presidents of the of the development lender have been American men.

The World Bank president is chair of boards of directors of the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA).

The president is also ex officio Chair of Boards of Directors of the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

As Under Secretary, Malpass represented the US in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organisation for Economic Cooperation and Development, and the Overseas Private Investment Corporation.

As Under Secretary, he 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 reduce the frequency and severity of debt crises.

Prior to becoming Under Secretary, he was an international economist and founder of a macroeconomics research firm based in New York City.

Earlier in his career, Malpass served as the US 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 US2hina Relations.

He earned his bachelor's degree from Colorado College and his MBA from the University of Denver. He undertook advanced graduate work in international economics at the School of Foreign Service at Georgetown University.

Photograph: Reuters

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