WB President David Malpass To Quit Post On June 30

World Bank (WB) President David Malpass plans to step down a year before his term is set to end, the organization announced, Kate Trafecante reported for CNN.

Photo Insert: During Malpass’ tenure, the organization responded to multiple crises, including a global pandemic and Russia’s war in Ukraine.

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. “It has been an enormous honor and privilege to serve as President of the world’s premier development institution,” Malpass said in a statement.

“With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact.”

The WB, a group of 187 nations, lends money to developing countries to help reduce poverty. Former US President Donald Trump appointed Malpass as WB chief in 2019 for a five-year period. As the largest shareholder, the US traditionally appoints its president.

During Malpass’ tenure, the organization responded to multiple crises, including a global pandemic and Russia’s war in Ukraine. The WB said Malpass implemented record surges in finances in response to both.

He also focused on policies to increase economic growth, reduce government debt burdens, and help reduce poverty.

But his tenure has been controversial. Malpass faced criticism from climate activists in September after he refused to confirm during a climate panel whether he accepted the scientific consensus that burning fossil fuels were dangerously warming the planet.

After an outpouring of criticism, many opponents called for his resignation.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic