Monday, December 4, 2023
No Result
View All Result
  • News
  • Politics
  • Metro
  • 2023 ELECTIONS
  • Entertainment
  • Sports
  • Business
  • EKO News
  • EPE News
  • Entertainment Package
No Result
View All Result

World Bank Has A New President

Otunba T.J Abass by Otunba T.J Abass
Apr 6, 2019.
in International

The 63 year old, David Malpass, a senior US Treasury official in President Donald Trump’s administration, was unanimously chosen Friday as the next president of the World Bank.

The selection of Malpass was made by the bank’s board of directors in an “open, transparent” nomination process in which citizens of all membership countries were potentially eligible, the bank said in a statement.

But since the bank’s creation following World War II, all of its presidents have been American men, following an unwritten rule that also ensures European leadership at the top of its sister institution, the International Monetary Fund.

The announcement came as expected just prior to next week’s joint spring meetings of the World Bank and the IMF.

Malpass begins his five-year term on Tuesday, replacing former President Jim Yong Kim, whose surprise departure in February came not even halfway through his second term.

Malpass had been the lone candidate for the job and his nomination by Trump earlier this year sparked outrage among critics, who saw it as an affront to the global anti-poverty lender’s very mission.

The 63-year-old US Treasury official in charge of international affairs has been a strident critic of global financial institutions — calling their lending practices “corrupt” and ineffective, and complaining they are overly generous to China.

He has softened his message recently, however, saying he is committed to the bank’s mission of eliminating extreme poverty and that reforms enacted last year as part of a $13 billion capital increase addressed many of his criticisms.

In recent years, emerging market countries have challenged the unwritten arrangement on World Bank and IMF leadership, demanding a more open, merit-based selection process.

The bank has been at pains to stress that it has heard such criticisms and now allows a more open process. But the few non-American candidates in recent years have received little support from major bank shareholders.

Many, including former Treasury officials from both political parties, have sharply criticized Malpass and his qualifications.

They pointed to his failure to foresee the global financial crisis during his time at the now-defunct investment bank Bear Stearns and his opposition, which later proved unjustified, to post-crisis Federal Reserve policies.

Malpass previously also held a senior role in the US State Department for Latin American affairs.

“David will be an exceptional leader of the World Bank and I look forward to working with him in his new role,” US Treasury Secretary Steven Mnuchin said on Twitter.




Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611




Related Posts

Killing Resumes In Gaza As One-Week Truce Expires
International

Killing Resumes In Gaza As One-Week Truce Expires

Dec 1, 2023.
Former US Secretary Of State, Henry Kissinger Dies At 100
International

Former US Secretary Of State, Henry Kissinger Dies At 100

Nov 30, 2023.
Former Officer Convicted In George Floyd’s Death Stabbed In Prison
International

Former Officer Convicted In George Floyd’s Death Stabbed In Prison

Nov 25, 2023.
Former US First Lady, Rosalynn Carter
International

JUST IN: Ex-US First Lady Rosalynn Carter Dies At 96

Nov 19, 2023.
‘Nigeria Needs Your Support’ — Tinubu Tasks EU-member Countries On Food Security
International

‘Nigeria Needs Your Support’ — Tinubu Tasks EU-member Countries On Food Security

Oct 31, 2023.
United Nations Warns Nigeria, Others To Stop Abducting Journalists, Others
International

Israeli-Hamas: Deaths Near 10,000, UN Warns of Civil Unrest

Oct 30, 2023.
Next Post

Ijaw Youths, Christian Women Celebrate Wike’s Re-election

Subscribe to EkoHotBlog via Email

Enter your email address to subscribe to EkoHotBlog and receive notifications of new posts by email.

 

 

 

 


DISCLAIMER: Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers Of  EKO HOT BLOG

For publication of your News Contents, articles, Videos or any other News Worthy Materials, please send to [email protected]

For Advert and other info, you can call 08035617233 or send a WhatsApp Message to 08035617233.

Please drop your comments

About

Ekohotblog is a news site that grants you access to trending news 24/7.

Follow us

Other Categories

  • Crime
  • Editorial Column
  • Jobs
  • Personality Interview

Recent Posts

  • Tinubu Faces Fresh Supreme Court Battle Over 2023 Election
  • High Court Dismisses Matawalle’s Suit Over Ownership Of Official Vehicles
  • Nigerian Army Admits ‘Mistakenly’ Launching Air Strike Killing ‘Over 30’ Kaduna Villagers
  • BREAKING: FG Releases Compilation Of Sponsored Delegates To Dubai Summit, Denounces Trending List
  • ADVERTISE ON EKOHOTBLOG
  • DISCLAIMER
  • PRIVACY POLICY
  • CONTACT US
  • OUR TEAM

© 2022 Ekohotblog

No Result
View All Result
  • News
  • Politics
  • Metro
  • 2023 ELECTIONS
  • Entertainment
  • Sports
  • Business
  • EKO News
  • EPE News
  • Entertainment Package

© 2022 Ekohotblog

MGID