World Bank President David Malpass resigns

Chairman Malpass has notified the board of executive directors of his intention to step down before the end of the fiscal year on June 30, the World Bank said in a statement.

By emphasizing that Malpass’s tenure focused on pursuing stronger policies to boost economic growth, reduce poverty, improve living standards, and reduce the government’s debt burden, the World Bank Group has responded quickly to crises. world in the last 4 years.

The statement recalled that while developing countries are under severe financial pressure, Malpass meets frequently with world leaders to discuss supportive policies, including debt relief, to break unsustainable debt cycles.

Emphasizing that under Malpass’s leadership, the World Bank Group doubled climate finance provided to developing countries to a record $32 billion last year, noting that Malpass will leave the Bank with strong financing to support its AAA credit rating .

“I’M PROUD”

Saying that it was an honor to serve as director of the world’s leading development institution, Malpass said: “I am proud that the World Bank has responded with speed, scale, innovation and impact to the unprecedented crises facing countries in development”. he used his statements.

Malpass noted that the Bank is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises, noting that this is an opportunity for a smooth reorganization.

Saying that the last 4 years have been one of the most significant periods of his career, Malpass thanked the World Bank employees and the board of directors.

THANKS FROM YELLEN TO MALPASS

Separately, US Treasury Secretary Janet Yellen thanked Malpass for his service as World Bank President and his commitment to a smooth transition.

Speaking about the progress the World Bank has made during Malpass’s tenure, Yellen said, “The United States looks forward to a transparent, merit-based, and expedited nomination process for the next World Bank president.” she used the phrase. (AA)