News about the decision to resign the President of the World Bank. News headlines and events Last Minute Russia
David Malpass, head of the World Bank appointed by former President Donald Trump nearly four years ago, has announced he is stepping down.
The bank said Malpass would leave his post by June 30. Malpas’ five-year term usually expires in April 2024.
Economist Malpass, formerly Deputy Treasury Secretary for International Affairs, said he had decided to take on new challenges.
“As developing countries face unprecedented crises, I am proud that the World Bank Group has responded quickly, on a large scale, innovatively and effectively,” said Malpass. “The last four years have been the most important years of my career.”
When Malpass took office, he criticized the World Bank for focusing too much on expansion and not focusing enough on its core mission of fighting poverty.
Treasury Secretary Janet Yellen thanked Malpass for her services.
Yellen said the whole world has benefited from Malpass’s strong support for Ukraine in the face of Russia’s illegal and gratuitous invasion, his vital work to help the Afghan people, and his commitment to helping low-income countries reduce their debt burden.
President Joe Biden is expected to nominate a new candidate to replace Malpass.
Malpass has been criticized for saying at a conference last year that he doubts science predicts fossil fuel consumption is causing global warming.
He later apologized and stated that the bank’s confidence in climate science was false.
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