World Bank President David Malpass To Step Down As President

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David Malpass, the president of the World Bank, said on Wednesday that he would leave his position before his term is out.

After criticising the White House for neglecting to state if he agreed with the scientific consensus on global warming, Malpass made this declaration.

According to Reuters, Donald Trump’s former presidential appointee, Malpass, will depart the multilateral development bank, which gives poor economies billions of dollars in assistance each year, by the end of June.
The five-year tenure of the World Bank president was set to expire in April 2024.

The former investment banker informed US Treasury Secretary Janet Yellen of his decision on Tuesday, a source familiar with the matter said.

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Malpass, who survived multiple calls for his resignation last fall and was not expected to be provided with a second term, issued no specific reason for the move, saying in a statement, “after a good deal of thought, I’ve decided to pursue new challenges.”

Malpass has been under pressure from Yellen in recent months to hasten reforms intended to change the way the World Bank operates to ensure broader lending to combat climate change and other global challenges.

Yellen thanked Malpass for his service in a statement, saying: “The world has benefited from his strong support for Ukraine in the face of Russia’s illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction.”

The US Treasury chief said the US would soon nominate a replacement for Malpass and looked forward to the bank’s board undertaking a “transparent, merit-based and swift nomination process for the next World Bank president.”

 

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