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| World Bank |
A new chapter is about to begin for the World Bank as it prepares to welcome a new president. Ajay Banga, a former CEO of Mastercard and a native of India, will assume the position on June 2, succeeding David Malpass, who served in the role for four years after being nominated by former US President Donald J. Trump. The incoming president's experience with developing economies and financial expertise will be crucial as the global institution faces a critical moment of transition.
The selection of Mr. Banga was not a unanimous decision, with Russia abstaining from the vote. Russia had been seeking an alternative candidate but was unable to put one forward. Traditionally, the World Bank president is an American citizen chosen by the United States, while the managing director of the International Monetary Fund is chosen by the European Union.
President Joe Biden praised the board's decision, expressing confidence that Mr. Banga would help steer the bank in addressing the challenges facing the global economy, including climate change, and reducing poverty. Mr. Banga was chosen by Mr. Biden in February after an extensive listening tour that included visits to eight countries and dozens of meetings with government officials worldwide.
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The change in leadership comes at a critical time for the global economy, which has been plagued by the pandemic, inflation, and war over the past three years. These challenges have pushed millions of people into poverty and reversed decades of development progress.
Mr. Banga's appointment will be for a five-year term. His predecessor, Mr. Malpass, announced earlier this year that he would step down following criticism that he was not doing enough to revamp the World Bank's climate agenda. Although the voting process was unusual due to Russia's abstention, the Biden administration is confident that Mr. Banga will assume the job with a strong mandate and robust support.
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