BANKING AFFAIRS

Detailed explanation-1: -Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for a five-year period. As the largest shareholder, the United States traditionally appoints its president. During Malpass’ tenure, the organization responded to multiple crises, including a global pandemic and Russia’s war in Ukraine.

Detailed explanation-2: -Indian-American executive Ajay Banga has been nominated by US President Joe Biden to become the new President of the World Bank. His election to the position will be a mere formality since the presidency has traditionally been held by the United States.

Detailed explanation-3: -World Bank President In February 2019, President Trump announced Malpass as the nominee for President of the World Bank, succeeding Jim Yong Kim, who had announced in January 2019 that he would be stepping down three years prior to the end of his five-year term in 2022.

Detailed explanation-4: -Typically, the US picks the World Bank’s leader by virtue of being the largest stakeholder in the international financial institution. In its 77-year history, the US has always chosen the leader, though the bank’s board still needs to officially appoint Banga.

Detailed explanation-5: -The dual U.S. and Nigerian citizen served twice as Nigeria’s finance minister and had been a managing director at the World Bank, overseeing an $81 billion operational portfolio in Africa, South Asia, Europe and Central Asia.