Mallika Dureja
CNN reported on Wednesday that World Bank President David Malpass will resign before the end of his term.
Malpass stated in a statement, “It has been a tremendous honour and privilege to serve as President of the world’s preeminent development institution.” “I am proud that the Bank Group has responded to unprecedented crises in developing countries with speed, scale, innovation, and impact.”
The World Bank announced that Malpass will leave his position on June 30, the end of the World Bank’s fiscal year, after serving in the role for more than four years.
A group of 187 nations, the World Bank, lends money to developing countries in an effort to alleviate poverty. In 2019, the former president of the United States, Donald Trump, appointed David Malpass as the head of the World Bank for a period of five years. The United States, as the largest shareholder, has traditionally appointed the president.
During Malpass’ tenure, the organisation responded to a number of crises, including a global pandemic and the Russian invasion of Ukraine. According to the World Bank, Malpass implemented record financial increases in response to both factors. In addition, he focused on policies designed to increase economic growth, reduce government debt, and combat poverty.
His tenure, however, has been controversial.
Malpass’ resignation comes months after calls grew for him to resign after he refused to acknowledge the scientific consensus that fossil fuels contributed to global warming.
CNN reported in September that climate activists criticised Malpass for refusing to confirm during a climate panel whether he accepted the scientific consensus that the burning of fossil fuels was dangerously warming the planet.
World Bank chief David Malpass decides to step down a year early
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Treasury Secretary Janet Yellen thanked Malpass for his service and stated, “While we all must continue to raise our collective ambitions in the fight against climate change, the World Bank has made significant recent advances in this area during President Malpass’ tenure.”
She added, “The world has benefited from his staunch support for Ukraine in the face of Russia’s illegal and unprovoked invasion, his vital work to aid the Afghan people, and his dedication to assisting low-income countries achieve debt sustainability through debt reduction.”
The departure permits the Biden administration to appoint a new World Bank president.
The United States traditionally selects the five-year president of the World Bank, while the European Union chooses the head of the International Monetary Fund.
