Trump Expected To Tap World Bank Critic To Be Its President

Trump Expected To Tap World Bank Critic To Be Its President

US President Donald Trump is expected to tap Treasury Department official David Malpass as the US pick to lead the World Bank, according to senior administration officials, a clear sign the administration wants to rein in the global financial institution. Among its key missions is helping combat poverty in developing countries.

One World Bank board source said that there was little appetite among member countries to mount a challenge to a US candidate seen as qualified and reasonable, but it was unclear yet whether enough viewed Malpass as fitting that description.

The official nomination season opens Thursday but the US government began notifying other World Bank shareholders of its plans to appoint Malpass on Monday, Reuters reports. "And he seems to have bought into the sovereignty mindset of the administration that global institutions are a threat".

According to the Treasury, Malpass worked in the Reagan and George H.W. Bush administrations and as chief economist at the now-defunct bank Bear Stearns. Over the subsequent months, the United States toppled into its worst financial crisis and recession since the Great Depression of the 1930s.

The administration will announce its choice on Wednesday.

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White House Press Secretary Sarah Sanders declined to confirm that Malpass is the president's pick to lead the world's largest development lender. "Highly respected and a strong member of the team".

The nomination of Malpass would put a Trump loyalist and a skeptic of multilateral institutions in line to lead the World Bank, which committed almost $64 billion to developing countries in the year ended June 30, 2018. Kim, first nominated by former USA president Barack Obama in 2012, stepped down on February 1 to join private equity fund Global Infrastructure Partners, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources.

The nomination comes as a blow to the many voices calling for a woman to take the helm for the first time in the organization's 74-year history, including Council on Foreign Relations fellows Meighan Stone and Rachel Vogelstein.

By an unwritten tradition since the bank's founding in 1944, the board has always chosen Washington's nominee. The bank, whose leader is nominated by the United States and has always been a USA citizen, has since shifted its focus from reconstruction to development, extensively in Africa, Asia and Latin America.

Kim's unexpected departure is likely to become a contentious fight between the Trump administration and other countries who believe the United States exerts too much influence over the bank, which is based in Washington.

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