World Bank President to Step Down End of June

World Bank Group President David Malpass informed the Bank's Board of Executive Directors on Wednesday of his intention to step down from his post by the end of the World Bank Group's fiscal year on June 30, after more than 4 years in the role.

“It has been an immense honor and privilege to serve as chair of the world’s leading development institution alongside so many talented and exceptional people,” Malpass said in a statement today. 

“With developing countries facing unprecedented crises, I am proud that the Bank Group has responded with speed, scope, innovation and impact. It was "The past four years have been some of the most important years of my career. Having made great progress, and after a great deal of reflection, I have decided to pursue new challenges. I would like to thank our employees and our boards of directors for the privilege of working with them every day to enhance the effectiveness of our operations in the most challenging of times."

According to the statement, with developing countries under severe financial pressure, Malpass met frequently with world leaders to discuss supportive policies, including debt reduction, to break unsustainable debt cycles.

It added that under Malpass' leadership, the Bank Group more than doubled its climate financing for developing countries, reaching a record $32 billion last year.

It noted that Malpass has 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.

“The World Bank Group has fundamental strength, financial sustainability, and is well-positioned to increase its development impact in the face of urgent global crises,” Malpass said. 

“This is an opportunity for a smooth transition of leadership as the Bank Group works to address growing global challenges, facilitate private investment, and increase its focus on global benefits, and maintaining strong momentum in operational execution and portfolio performance for client countries."