Trump nominates treasury's Malpass to lead world bank

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Added On February 8, 2019

 Trump announced the decision in a statement on Wednesday.

He?said he launched a broad search for a replacement for former World Bank chief Jim Yong Kim and?"knew that David is the right person to take this incredibly important 
job".
 
He added that Malpass has been a strong advocate for accountability at the World Bank," and that "he has fought to ensure financing is focused on the places and projects that truly need assistance, including people living in extreme poverty."
 
As the World Bank's largest shareholder with 16 percent of its voting share, candidates picked by Washington have all ended up assuming the leadership post since the institution's inception in 1944.
 
This long-held tradition has put the World Bank's credibility into question, given that emerging markets' and developing economies' have contributed the most to global economic growth in recent years.
 
The World Bank's board of executive directors will accept nominations until March 14 and then select a winner ahead of IMF and World Bank Spring meetings in April.