David Malpass appointed as President of World Bank
David Malpass who held a senior role at the US Treasury and was the undersecretary for international affairs has been appointed as the President of World Bank. He was nominated by the US president Donald Trump. David Malpass had also held senior roles in the US Treasury during the Reagan and George HW Bush administrations.
David Malpass has also served as chief economist at Bear Stearns bank. Later he founded research group Encima Global and held a number of directorships at finance firms.
Appointment of the President of World Bank
As per the guidelines of the World Bank, the World Bank president must have:
- A proven track record of leadership.
- Experience managing large organizations with international exposure, and a familiarity with the public sector.
- Ability to articulate a clear vision of the Bank’s development mission.
- A firm commitment to and appreciation for multilateral cooperation.
- Effective and diplomatic communication skills, impartiality, and objectivity.
Executive directors of the World Bank can nominate candidates for the post and the candidate must be citizens of one of the bank’s member countries and cannot be a bank governor, executive director or alternate.
If there are more than three candidates, there would be a shortlisting process to narrow the field through an informal straw poll. Then the shortlisted candidates will be interviewed by the board. The board will then make a final selection through a majority vote.
To win the presidency of the World Bank, a candidate must win approval from the institution’s executive board, which has 25 members. The US holds a 16% share of board voting power hence more often it is the US-backed candidate gets elected for the post of the president.
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Month: Current Affairs - April, 2019