US candidate takes important step in leading the World Bank

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WASHINGTON (AP) – A Treasury official appointed by President Donald Trump as the next president of the World Bank has crossed a major hurdle, with appointments for the position ending without any other candidates coming forward.

The World Bank said Thursday that David Malpass was the only candidate presented by the 189 member countries of the bank. Malpass is currently the Undersecretary for International Treasury Affairs.

The presidency of the global lending institution was opened earlier this year when Jim Yong Kim, who had been appointed by the Obama administration, announced that he was retiring.

The World Bank has announced that its 25 – member board of directors will meet with Malpass in the coming days and expect a decision to be made before the meetings. spring of the bank, which will begin on April 12.

The World Bank and its partner credit agency, the International Monetary Fund, are based in Washington. The head of the IMF has always been European while the head of the World Bank has always been an American. Christine Lagarde, former French Finance Minister, is currently at the head of the IMF.

President Donald Trump announced the appointment of Malpass at a ceremony at the White House last month. Trump said his administration would make "top priority to ensure that US taxpayers' money is spent efficiently and judiciously, serving US interests and defending American values."

Malpass, 63, has sharply criticized the World Bank and the IMF. However, since last year's Treasury position, he helped secure support for a $ 13 billion increase in bank financing.

He argued that the bank should reduce its lending to China, which it says is no longer a country dependent on its loans, because it can borrow on the world capital markets. He argued that World Bank loans should target the poorest countries.

His candidacy was backed by a global lobby led by Treasury Secretary Steven Mnuchin, who promoted Malpass's candidacy in conversations with a number of foreign finance officials last month.