TheCable

David Malpass, president of World Bank Group, has announced his intentions to step down from his position — after more than four years of service.

The global bank, in a statement on Wednesday, said Malpass declared his intentions to exit the organisation on June 30 to the board of executive directors.

According to the World Bank, Malpass’s tenure focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens.

It added that during his tenure, Malpass coordinated and responded quickly to global crises, mobilising a record $440 billion in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, among other crises.

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

“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.”

In the statement, Malpass said he was honoured to serve as president of the world’s premier development institution “alongside so many talented and exceptional people”.

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

“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.”

Malpass, a 66-year-old economic analyst, has served the World Bank since 2019.

Prior to joining the global bank, he served as under secretary of the treasury for international affairs under Donald Trump.