MOGADISHU ( Halbeeg News) – The Somali government has welcomed the selection of David R. Malpass as President of the World Bank.
Late last week, the Executive Directors of the World Bank has unanimously selected Malpass to be the next leader of World Bank Group for a five-year term beginning on Tuesday, April 9, 2019.
The Board expressed its sincere gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.
In a Twitter post, Somali minister, Abdirahman Beileh Duale said the World Bank is a significant development partner in Somalia’s fiscal and economic reforms.
“I congratulate David R. Malpass for his selection as World Bank group president……. We look forward to further strengthening our strong relationship with the Bank in this time of reform,” the post reads in part.
Mr. Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.
As Under Secretary, Mr. Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.
In his role as Under Secretary, Mr. Malpass played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and IFC.
He was also instrumental in advancing the Debt Transparency Initiative, adopted by the World Bank and IMF, to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises.
Before becoming Under Secretary, Mr. Malpass was an international economist and founder of a macroeconomics research firm based in New York City.
Earlier in his career, Mr. Malpass served as the U.S. Deputy Assistant Secretary of the Treasury for Developing Nations and Deputy Assistant Secretary of State for Latin American Economic Affairs. In these roles, he focused on an array of economic, budget, and foreign policy issues, such as the United States’ involvement in multilateral institutions, including the World Bank.
Mr. Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on the US-China Relations.
Mr. Malpass earned his bachelor’s degree from Colorado College and his MBA from the University of Denver. He undertook advanced graduate work in international economics at the School of Foreign Service at Georgetown University.
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