Trump nominates David Malpass to lead the World Bank

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"America is once again retreating from an important world stage". "My administration has made it a top priority to insure that USA taxpayer's dollars are spent effectively and wisely". A final decision on a new president will be up to the bank's board.

At a press conference in Washington, Mr Trump praised Mr Malpass as a "strong advocate for accountability at the World Bank for a long time".

Malpass, 62, made clear Wednesday that his focus at the World Bank would include furthering the Trump administration's agendas for developing countries.

President Donald Trump announced Treasury official David Malpass as his nominee to be the next president of the World Bank, in a White House ceremony Thursday.

David Malpass, Treasury undersecretary for worldwide affairs, has criticized the World Bank and other multilateral institutions for growing larger, more "intrusive" and "entrenched", and targeted the bank for its continued lending to China, a country he sees as too wealthy for such aid.

White House officials said Mr Malpass would champion "pro-growth" policies, emphasising the role of the private sector, increased lending transparency and more "competitive" tax systems.

"A key goal will be to ensure that women achieve full participation in developing economies", Malpass said.

If approved, Mr Malpass would replace Mr Kim, a physician and former university president who stepped down on 1 February, more than three years before his term ended.

Any of the 189 members can propose a candidate. -China trade negotiations as he campaigns for the World Bank presidency.

In recent years, the growing emerging market countries have challenged this unwritten arrangement, demanding a more open, merit-based selection process.

If approved, he is expected to push the bank to narrow the focus of its lending to the world's poorest countries, among other changes.

The United States is the biggest World Bank shareholder but it does not have a veto and needs the backing of European nations in a simple majority vote by the board. One major initiative, he said, would be to implement changes to the World Bank that he and Treasury Secretary Steven Mnuchin helped negotiate.

Malpass participated in January 30 trade negotiations in Washington, DC, with a delegation from China in pursuit of a trade agreement.

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