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David Malpbad is the 13th President of the World Bank Group
The Executive Directors of the World Bank today unanimously elected David R. Malpbad as President of the World Bank Group for a five-year term beginning Tuesday, April 9, 2019.
The Council expressed its deep gratitude to Acting President Kristalina Georgieva for her dedication and leadership in recent months.
Directors followed the selection process agreed in 2011. This process included an open and transparent candidacy, in which any national of the Bank could be proposed by an executive director or a governor through an executive director. This process was followed by extensive due diligence and a thorough interview with Mr. Malpbad by the directors.
The Board looks forward to working with Mr. Malpbad on the implementation of the Declaration on the Future and the Capitalization Agreement as formulated in the Sustainable Financing for Sustainable Development Document.
Mr. Malpbad was previously Under-Secretary of the Treasury for International Affairs of the United States. As Undersecretary, Mr. Malpbad represented the United States on the international scene, including at annual G-7 and G-20 spring and annual ministerial meetings, the Board of Directors of the United States. IMF and the meetings of the Financial Stability Board and the Financial Stability and Development Board, and the private investment company abroad.
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As Undersecretary, Mr. Malpbad has been instrumental in a number of major World Bank Group reforms and initiatives, including the recent increase in IBRD and IFC capital. It also helped advance the Debt Transparency Initiative, adopted by the World Bank and the IMF, to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises. .
Prior to becoming Under Secretary, Mr. Malpbad was an international economist and founder of a New York-based macroeconomics research firm. Earlier in his career, Mr. Malpbad held the positions of Assistant Under-Secretary of the Treasury for Developing Countries and Assistant Secretary of State for Economic Affairs of Latin America. In this capacity, he focused on a range of economic, fiscal and foreign policy issues, such as US participation in multilateral institutions, including the World Bank.
Mr. Malpbad has served on the boards of directors of the Council of the Americas, the Economic Club of New York and the National Committee on US-China Relations. Mr. Malpbad graduated from Colorado College and his MBA from the University of Denver. He undertook graduate studies in international economics at the School of Foreign Service at Georgetown University.
The President of the World Bank is Chairman of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The President is also Chairman of the Board of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the Board of Directors of the Center. Investment Dispute Settlement (ICSID).
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Source: JTM
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