February 16, 2023

David Malpass to step down as World Bank president

David Malpass to step down as World Bank president

By Biodun Busari

World Bank President David Malpass on Wednesday said he would quit his role before his term ends.

Malpass declared this, months after faulting the White House for failing to say whether he accepted the scientific consensus on global warming.

According to Reuters, Malpass, who was appointed by former President of the United States, Donald Trump, will leave the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June.

The World Bank chief’s five-year term was due to end 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.

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.”