The reason for the resignation is unknown. The bank released a statement on the matter on Wednesday. Malpass, who was appointed to the position by Donald Trump, informed the board of his decision to step down after four years “to take on new challenges.”
“It is a great honor and privilege to serve as president of the world’s most important development agency alongside so many talented and extraordinary people,” the statement read.
United States and other major ones shareholders from the World Bank pressured banks over the past year to step up efforts to tackle global challengesincluding climate change, in addition to its traditional mandate to tackle global poverty.
This pressure intensified after the September conference David Malpass declined to say whether he believes in man-made climate change. He then explained that he had been misunderstood.
Last week, US Treasury Secretary Janet Yellen urged bank chiefs to implement reforms quickly to free up more money to tackle climate change.
The head of the World Bank has resigned
Malpass, 66, is the 13th president of the Washington-based institution. Malpass became head of the World Bank in April 2019, succeeding Korean-American Jim Yong Kim. The term of office of the president of the World Bank is five years.
The United States is the largest shareholder of the international financial institutions that finance these developing countries.
Both the World Bank and the International Monetary Fund were created under arrangements made at the Bretton Woods Conference in 1944, at which the outlines of a postwar economic order were agreed. The aim of the two institutions is to reduce poverty in the world by providing loans for development projects. 189 countries belong to the IMF and the World Bank.
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