World Bank board elects Treasury's Malpass as next president

The World Bank told Reuters on Friday that its executive board unanimously approved David Malpass, the U.S. Treasury Department`s top diplomat, as the bank`s next president, continuing the 73-year tradition of an American leading the development lender.

Malpass, the Treasury`s undersecretary for international affairs who advised U.S. President Donald Trump`s 2016 election campaign, was the sole candidate for the job. He will start his new role next week, during the World Bank and IMF Spring Meetings, a bank spokesman said.

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