U.S. President Donald Trump’s pick to lead the entire world Bank faces a clear path toward approval as a nomination deadline passed on Thursday with no challengers, continuing the tradition of the United States choosing the development lender’s president.
David Malpass, the U.S. Treasury’s undersecretary for international affairs, will interview with the entire world Bank’s executive directors within the coming days, the bank said in a statement.
The directors expect to conclude their selection process before the entire world Bank as well as International Monetary Fund spring meetings on April 12-14, the bank said.
Malpass has traveled to Europe as well as Asia in recent weeks to lobby for support coming from major World Bank shareholders. His nomination was prompted by the departure in January of Jim Yong Kim, who left the bank after more than six years at its helm to join a private equity infrastructure fund.
The United States is usually the largest shareholder with 16 percent of its voting power as well as has chosen its leaders since the item began operation in 1946. Kim faced off against candidates coming from Nigeria as well as Colombia in 2012 under a then-newly-open nominations process, yet bank board members have said there was little appetite to challenge Washington’s nominee This specific time around.
A spokesman for the U.S. Treasury, which oversees the U.S. shareholding within the entire world Bank, could not immediately be reached for comment on Malpass’ lone candidacy.
Malpass, a Trump loyalist as well as former campaign adviser, has raised some concerns in which he will use the bank to further Trump’s controversial “America First” agenda.
While Malpass, a former Bear Stearns chief economist, has been critical of the entire world Bank’s growth as well as ample lending to China, in recent weeks he has adopted a more conciliatory tone, emphasizing his past experience in emerging market finance as well as goals for poverty reduction.
He also has touted his role in negotiating World Bank lending reforms aimed at focusing more resources on poorer countries as part of a $13 billion capital increase last year.
Malpass also has said he was committed to pursuing the entire world Bank’s goals on combating climate change, which have been at odds with the Trump administration’s support for coal. The lender has largely withdrawn coming from financing fresh coal-fired power projects in favor of renewable energy projects.
Pledging to stay the course on climate change goals will likely win support for Malpass coming from board members, said Scott Morris, a senior fellow at the Center for Global Development as well as a former Treasury official.
“He’s distanced himself coming from some of his past positions,” Morris said. “His message has been in which he’s committed to implementing the bank’s agenda put forth within the capital increase last year. in which’s an ambitious agenda, not one of dialing the bank back.”
Morris added in which the item might be “extremely unlikely” in which Malpass might be rejected by the bank’s board within the absence of different candidates.
One of Malpass’ first issues to handle at the bank might be dealing with the aftermath of a U.S. Supreme Court ruling in which opens the door to lawsuits against the International Finance Corp, part of the entire world Bank Group, in American courts over projects the item finances.