World Bank President, David Malpass, To Resign After Four Years

The World Bank President, David Malpass, will exit his role in the global financial institution on June 30, ending a four years reign.

In a statement dated Wednesday, 15 February 2023, the World Bank said Malpass told the board of executive directors that he will quit his role at the end of this year’s second quarter. 

Speaking on Malpass’ tenure as President, the World Bank in the statement said he tackled global crises such as the COVID-19 pandemic, the war in Ukraine, sharp global economic slowdown, and unsustainable debt burdens, among other crises. 

Malpass mobilised a record $440 billion in response to the global crises and was vital in economic growth, alleviating poverty, improving living standards, and reducing government debt burdens by seeking adequate policies. 

“Under his leadership, the bank group more than doubled its climate finance to developing countries, reaching a record $32 billion last year. 

“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,” the World Bank said. 

Malpass also spoke about the World Bank during his tenure, stating that the financial institution has contributed to the growth of developing countries facing a crisis. 

“With developing countries facing unprecedented crisis, I’m proud that the bank group has responded with speed, scale, innovation, and impact,” Malpass said, adding “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.”