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The World Bank has a new president

The World Bank (WB) Executive Directors unanimously confirmed Friday the appointment of David R. Malpass as President of the International Institution for a five-year term starting Tuesday, April 9, 2019.

Malpass replaces Jim Yong Kim who announced in early January his resignation from his position at the head of the WB, about four years before the planned end of his term.

The Board of Directors expressed its deep appreciation to Acting President Kristalina Georgieva for the dedication and leadership she has shown in recent months, the World Bank said in a statement.

“The Board of Directors will work with Mr. Malpass on the implementation of the World Bank Group Vision and Capital Accord as set out in the Sustainable Financing Document on Sustainable Development”, said the same source

Malpass previously served as Undersecretary for International Affairs in the US Treasury. “As undersecretary, Mr. Malpass has been instrumental in several major World Bank Group reforms and initiatives, including the recent capital increase of the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC). David R. Malpass also helped advance the Debt Transparency Initiative – adopted by the World Bank and the IMF – to increase the disclosure of debt information for reduce the frequency and severity of debt crises,” the statement added.

The President of the World Bank chairs the Boards of Directors of IBRD and the International Development Association (IDA). He also chairs the IFC Board of Directors, the Multilateral Investment Guarantee Agency (MIGA) and the International Center for the Settlement of Investment Disputes (ICSID) Administrative Council.

The World Bank was founded in 1944 with the goal of consolidating the economies of countries devastated by the Second World War.

The World Bank, whose president is appointed by the United States and has always been a US citizen, has since been reoriented from reconstruction to development, mainly in Africa, Asia and Latin America.

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