WASHINGTON (dpa-AFX) - President Donald Trump has announced his choice of Treasury Department official David Malpass as President of the World Bank.
Malpass, who currently serves as Under Secretary of the Treasury for International Affairs, has been an outspoken critic of the international financial institution.
Trump described Malpass as a 'special person' as he announced the nomination in remarks from the White House on Wednesday.
If confirmed by the World Bank's board of directors, Malpass would succeed Jim Yong Kim, who abruptly announced his resignation last month.
The nomination is seen as an effort by Trump to shake up the World Bank, which provides loans to countries around the world for capital projects.
In a conference call with reporters, senior administration officials described Malpass as a 'pro-growth reformer' who will 'focus on bringing economic growth to and uplifting the standard of living in lower income countries.'
Critics have argued that Malpass is not qualified for the position, however, pointing to his incorrect forecasts while chief economist at Bear Stearns.
Malpass has also been highly critical of the World Bank, including the institution's large loans given to China.
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