Trump taps WB critic to take its helm
washington — US President Donald Trump on Wednesday tapped a well-known World Bank critic to lead one of the world’s primary development lending institutions.
David Malpass, a senior official in the Treasury Department, is a controversial choice but if Trump wins the support of a majority the bank’s shareholders, especially European nations, he will have the opportunity to reshape the bank.
Trump called Malpass “an extraordinary man” who and “the right person to take this incredibly important job.”
“America is the largest contributor to the World Bank,” he said. “My administration has made it a top priority to insure that US taxpayer’s dollars are spent effectively and wisely.”
Speaking at the White House, Malpass said he would seek to implement reforms approved last year after negotiations to increase the bank’s lending capital by $13 billion, such as curbing loans to and charging higher interest to higher income countries like China.
“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.
Asked about his attacks on the lender, he said his concerns were addressed in last year’s reforms, and he hopes to be able to oversee implementation of those changes.