David Malpas has emerged the 13th World Bank president.
Malpas emerged as president after the Executive Directors of the World Bank unanimously selected him to serve as President of the world’s apex bank for a five-year term beginning on Tuesday, April 9, 2019.
In a statement published on its official website, the World Bank says Mr. Malpass “played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and IFC.”
The Bank further described Malpas as “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.”
The bank said Malpas was selected through “an open, transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director; adding that it was then “followed by thorough due diligence and a comprehensive interview of Mr. Malpass by the Executive Directors.”
According to the statement, “Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States. As Under Secretary, Mr. Malpass represented the United States 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 Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.
“In his role as Under Secretary, Mr. Malpass 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, Mr. Malpass was an international economist and founder of a macroeconomics research firm based in New York City. Earlier in his career, Mr. Malpass served as the U.S. 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. “Mr. Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on US–China Relations. Mr. Malpass 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.” the statement read.