David Malpass, president of the World Bank Group, has announced his intention to resign after more than four years in office.
The global bank said in a statement on Wednesday that Malpass informed the board of executive directors of his intention to leave the organization on June 30.
According to the World Bank, Malpass’ tenure was centered on pursuing stronger policies to boost economic growth, alleviate poverty, raise living standards, and reduce government debt burdens.
It went on to say that during his tenure, Malpass coordinated and responded quickly to global crises, mobilizing a record $440 billion in response to the COVID-19 pandemic, the Ukrainian war, a sharp global economic slowdown, and unsustainable debt burdens, among other crises.
Under his leadership, the bank group more than doubled its climate finance to developing countries, reaching a record $32 billion last year,” the statement reads.
Malpass led efforts to enable and increase private sector investment and trade and contributed thought leadership to the bank group’s analytical products on fiscal and monetary policy, currency systems, and governance reform.
Malpass also strengthened the institution’s management and personnel and will leave the bank group with solidified finances and fundraising to support its AAA credit rating.”
In the statement, Malpass said he was honoured to serve as president of the world’s premier development institution “alongside so many talented and exceptional people”.
With developing countries facing unprecedented crisis, I’m proud that the bank group has responded with speed, scale, innovation, and impact,” he said.
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.
The bank group is fundamentally strong, financially sustainable, and well-positioned to increase its development impact in the face of urgent global crises.
Malpass, a 66-year-old economic analyst, has served the World Bank since 2019.
Prior to joining the global bank, he served as under secretary of the treasury for international affairs under Donald Trump.
