World Bank President to Step Down in June

The World Bank’s President, David Malpass, says he would resign from his position by the end of June.

He said he would step down by June 30. This is about a year before his term would have ended.

The 66-year-old was quoted as saying in a statement from the bank, having informed its board of his decision that “After a good deal of thought, I’ve decided to pursue new challenges.

“It has been an enormous honor and privilege to serve as President of the world’s premier development institution alongside so many talented and exceptional people.

“With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career. Having made much progress, and after a good deal of thought, I’ve decided to pursue new challenges. I want to thank our staff and Boards of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times.”

Malpass added, “This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges, facilitate private investment, sharpen its focus on global public goods, and maintain strong momentum on operational delivery and portfolio performance for client countries.”

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Prior to leading the World Bank, Malpass served the US Treasury.

His tenure at the World Bank, spanning four years, saw the group face global crises such as the COVID-19 pandemic and the Russian invasion of Ukraine, as well as an international economic slowdown.

The bank said in a statement that it has “Responded quickly in the face of these challenges, in particular, mobilising a record $440bn in response to the pandemic.

“Under his leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32bn last year.”