U.S. Treasury official David Malpass named World Bank President

U.S. Treasury official David Malpass named World Bank President

1. David Malpass has been unanimously elected as the new President of the World Bank.He will be the 13th President and will start his five year term from April 9,2019.He was nominated by the US president.David Malpass was a US government official and economic analyst.He has served as the Under Secretary of the Treasury for International Affairs.
2. To win the presidency of the World Bank,a candidate must win approval from the institution’s executive board,which has 25 members.The US holds a 16% share of board voting power hence more often it is the US-backed candidate gets elected for the post of the president.
3. The World Bank was created at the 1944 Bretton Woods Conference along with the International Monetary Fund (IMF).The World Bank and the IMF are both based in Washington D.C and work closely with each other.
4. The World Bank is an international financial institution that provides loans to countries of the world for capital projects.It comprises two institutions:(a)the International Bank for Reconstruction and Development (IBRD) and the (b)International Development Association (IDA).The World Bank is a component of the World Bank Group.
5. The World Bank’s most recent stated goal is the reduction of poverty.As of November 2018,the largest recipients of World bank loans were India and China through loans from IBRD.