World Bank President Announces Resignation From Position

World Bank President, David Malpass has announced his intention to step down from his position in June.

Speaking on Wednesday, the 66-year-old was quoted saying that he would be resigning from his position by the end of June.

He said, “After a good deal of thought, I’ve decided to pursue new challenges.

“This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges.”

Malpass, who has been the president of the World Bank for 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.”

In a note to staff seen by AFP, Malpass said, “Developing countries around the world are facing unprecedented crises and I’m proud that the Bank Group has continued to respond with speed, scale, innovation, and impact.”

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