Trump Stalwart David Malpass To Head World Bank

David Malpass, a senior US Treasury official and staunch supporter of President Donald Trump, has been unanimously chosen as the next president of the World Bank.

The 63-year-old 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 was also Trump's economic adviser during the 2016 presidential campaign.

Malpass – who has softened his message since being tapped to lead the World Bank – begins his five-year term on Tuesday, replacing former Jim Yong Kim, whose surprise departure came less than halfway through his second term.

The bank said in that Malpass' selection by the board of directors followed an open, transparent nomination process in which citizens of all membership countries were potentially eligible.

But since the bank's creation following World War II, all 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 US Treasury official in charge of international affairs, Malpass had been the lone candidate for the World Bank 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.

Malpass now emphasises he is committed to the bank's mission of eliminating extreme poverty, however, and that reforms enacted last year as part of a US$13 billion capital increase addressed many of his criticisms.

In an open letter to bank staff on Friday, Malpass said the bank's mission was "more urgent than ever", adding that he had listened carefully in recent meetings with staff, board members and other stake holders.

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. (AFP)