David Malpass set to resign as World Bank President
David Malpass, the president of World Bank Group, has announced his decision to step down from his position as World Bank President after years of Service.
With this, the 66-year-old released a statement saying that he has informed the board about it.
For David Malpass, “This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges.”
In addition, his decision to step down as World Bank President is coming one year earlier before his term is set to end according to the organization.
According to the World Bank, Malpass’s tenure focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens.
Furthermore, it added that during David Malpass’s tenure, he coordinated and responded quickly to global crises, mobilizing a record $440 billion in response to:
The COVID-19 pandemic, the war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, among other crises.
Also, the Statement added that under Malpass’s leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion last year.”
David R. Malpass was selected as the 13th President of the World Bank Group by its Board of Executive Directors on April 5, 2019. His five-year term began on April 9.
Malpass will leave his position on June 30, the end of the World Bank’s fiscal year, after serving more than four years in the role.
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What you should know about The World Bank
The World Bank, a group of 187 nations, lends money to developing countries to help reduce poverty.
Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for five years.
As the largest shareholder, the United States traditionally appoints its president.
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