Listen Live
    U.S. President Donald Trump speaks to reporters at a meeting with manufacturers and manufacturing workers in the Oval Office of the White House in Washington, U.S., January 31, 2019

    Trump Nominates US Treasury Official Malpass to Be President of World Bank

    © REUTERS / Jonathan Ernst
    US
    Get short URL
    3513
    Subscribe

    US President Donald Trump during a press conference on Wednesday announced his nomination of senior Treasury Department official David Malpass to be the next president of the World Bank.

    "Today it is my pleasure to announce my choice for the next president of the World Bank, Mr. David Malpass," Trump said.

    Malpass currently serves as the Under Secretary of the Treasury for International Affairs.

    The executive board is yet to vote on the nomination.

    Earlier, the World Bank announced that Kristalina Georgieva will assume the role of interim president effective February 1. The organisation also confirmed that Jim Yong Kim had stated his intention to resign on the same date.

    The official reason behind Jim Yong Kim's decision to leave his post before the expiration of his term in 2022 is his desire to return to working in the private business sector.

    Jim Yong Kim, a Korean-born American, has been head of the World Bank since 1 July 2012 and was set to be in this position for five years. He was re-elected in 2016.

    READ MORE: Ivanka Trump Not Under Consideration as Next World Bank President — White House

    There're 188 countries that hold shares in the bank. The US, however, is the largest shareholders with 16 percent of the voting power and has usually chosen the bank's president.

    Related:

    Trump's Border Wall: 'Unlikely the Democrats Are Going to Give In' - Scholar
    Trump Wants to Withdraw, Pentagon Reluctant to Stop Playing ‘Manager’ in Syria
    Eric Trump: Ivanka ‘Has Done More for Women’ Than Anyone in DC
    Users Suspect Trump Family Demarche as Tiffany Wears White Amid Dems' 'Message'
    Tags:
    US Treasury, World Bank, David Malpass, Donald Trump, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik