Finance Secretary Carlos G. Dominguez III said he is supporting the nomination of United States Treasury Undersecretary David R. Malpass as the new president of the World Bank, citing his leadership would be a good opportunity for the multilateral institution to work closely with the Asian Development Bank (ADB).
Dominguez said that with Malpass leading reforms from the World Bank, a close collaboration between the two lenders would strengthen the global financial reform agenda in Asia Pacific. This will also allow both institutions to build on each other’s strengths, added Dominguez, who currently serves as the governor for the Philippines in the board of governors of the World Bank Group.
A statement said Dominguez called Malpass on Thursday morning and informed him of his proposal. Dominguez told Malpass he wants the ADB to “reinvent itself and to realign its programs to meet new realities.”
The secretary of the Department of Finance first broached the proposal when he was in Yokohama, Japan, for the ADB’s 50th annual meeting in 2017. He said he brought this up again when he was chairman of the Bank’s board of governors for the 51st annual meeting in Manila last year.
Dominguez said a good opportunity exists for the World Bank and ADB to collaborate closely in the Asia-Pacific region, given the 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 said he told Malpass in a phone conversation.
Dominguez noted Malpass thanked him for the support and is looking forward to have further discussions with the finance chief on the Philippines’s development agenda.
Malpass, the US treasury undersecretary for international affairs, is American President Donald J. Trump’s nominee as World Bank president, replacing Jim-yong Kim, who resigned last month.