The chief of World Bank David Malpass has decided he will step down in June, a year before the end of his term. Malpass was nominated for his five-year term by former United States President Donald Trump in 2019. He made the announcement amidst a rift with the Joe Biden administration over climate change policies.
Malpass' successor will be appointed by President Biden as it is the US President's prerogative to appoint the chief of the World Bank. Malpass' decision comes at a time when several countries around the world are facing financial crises.
Malpass told Al Jazeera that he decided to pursue new challenges after having the “enormous honour and privilege” of leading the international lender.
“With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact,” Malpass said in a statement. “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. I want to thank our staff and Boards of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times,” he added.
Malpass, in recent months, has faced calls for his resignation or removal.
