TheCable

David Malpass, an economist and known critic of multilateral institutions like the World Bank, has been elected to replace Jim Yong Kim as the president of the Bretton Wood institution.

In February, Donald Trump, the US president, had announced Malpass as his candidate.

In a statement released on Friday, the bank’s executive board of 25 members said it unanimously selected Malpass for a five-year term, which is scheduled to begin on April 9 ahead of the spring meetings organised alongside the International Monetary Fund (IMF).

He was a senior economic adviser to the US president during his 2016 election campaign and currently serves as the undersecretary for international affairs at the Treasury Department of the United States.

On previous occasions, the economist had criticised the World Bank and other multilateral institutions of being intrusive.

He had also pushed for the World Bank to reduce lending to China, arguing that the Asian country has enough resources to support itself.

And last year, he was part of negotiations over a package of World Bank lending reforms.

Malpass had hinted that the Bretton Wood institution would focus more resources on poorer countries.

Jim Yong Kim, outgoing president of the World Bank, will join Global Infrastructure Partners (GIP), a New York-based private investment fund owned by Bayo Ogunlesi, as a partner and vice chairman.

Ngozi Okonjo-Iweala, Nigeria’s former coordinating minister for the economy, had said she was willing to lead the World Bank if she was nominated by a member of the board.