World Bank President David Malpass will step down from his post as head of the development institution by June 30, the organization said in a statement released on Wednesday (February 15). The reason for his departure was not given at this time.
66-year-old David Malpass, the Washington institution’s thirteenth president, on Wednesday informed the board of directors of his intention to step down from the post he held for four years, the press release reads.
The World Bank Group is “fundamentally healthy, financially viable and well positioned to increase its development impact in the face of pressing global crises,” said Malpass, who is quoted in the statement, seeing “an opportunity for a leadership change in confectionery.” “As I pursue new challenges, I would like to thank all of our employees and our Board of Directors,” said the American in a statement to World Bank teams, which Agence France-Presse (AFP) has been able to consult.
A staunch supporter of Donald Trump
During his four-year tenure, David Malpass has “focused on finding stronger strategies to increase economic growth, reduce poverty, improve living standards and reduce public debt,” underscored the World Bank in its press release.
“Over the past four years, the five entities that make up the World Bank Group (IBRD, IDA, IFC, MIGA and Cirdi) have responded swiftly to global crises, mobilizing a record $440 billion in response to the Covid-19 pandemic and the war in the Ukraine, the severe global economic slowdown, unsustainable debt burdens, climate change and shortages of food, fertilizer and energy.
Before arriving at the World Bank, David Malpass was Secretary of the Treasury for International Affairs in the administration of Republican Donald Trump, to whom he was loyal.
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