PH backs Malpass as next World Bank chief

FILE: Finance Secretary Carlos Dominguez III at the 51st Asian Development Bank Annual Meeting on May 25, 2018 (Photo: Department of Finance/Facebook)

OSAKA — The Philippine government has expressed its support for the nomination of United States Treasury Undersecretary David Malpass as the new president of the World Bank, citing his leadership as a good opportunity for the multilateral institution to work closely with the Asian Development Bank (ADB).

In a statement on Thursday, Finance Secretary Carlos Dominguez III said with Malpass leading reforms from the World Bank, a close collaboration of the bank with ADB would be the best answer to respond to the global financial reform agenda in the Asia-Pacific region. This will also allow both institutions to build on each other’s strengths.

In a phone conversation, Dominguez informed Malpass of his proposal to the ADB to “reinvent itself and to realign its programs to meet new realities,” which the Finance chief first broached when he was in Yokohama, Japan for the ADB’s 50th Annual meeting in 2017, and again when he was chairman of the Bank’s Board of Governors for the 51st Annual meeting in Manila last year.

Dominguez said the center of gravity has now shifted decisively to Asia and its economies are now the principal engines of growth in the global economy.

He said a good opportunity exists for the World Bank and ADB to collaborate closely in the Asia-Pacific region given ADB’s “operational efficiencies and strong balance sheet, its in-depth knowledge and understanding of the region and the culture of its people because of its proximity, its sensitivity to the unique development needs of the region, and as a trusted brand in infrastructure finance.”

“I want to congratulate you on your nomination and to let you know that we fully support your candidacy as president of the World Bank,” Dominguez told Malpass through a telephone call.

Malpass thanked Dominguez for his support and said he was looking forward to have further discussions with the Finance chief on the Philippines’ development agenda.

“I had the opportunity to talk to (ADB) President (Takehiko) Nakao and so we had quite a conversation on this and I look forward to working with you on these issues,” Malpass told Dominguez.

The Philippines’ expression of support for Malpass is among the first from a developing country. Dominguez currently serves as the governor for the Philippines in the Board of Governors of the World Bank Group.

Malpass, the US treasury undersecretary for international affairs, is American President Trump’s nominee as World Bank president, replacing Jim Yong Kim, who resigned last month.