World Bank President Announces Resignation Plans

Thursday, February 16, 2023 16:09 (GMT+7)

(CPV) - On February 15, World Bank (WB) President David Malpass announced that he will resign at the end of June, ending his term one year early to pursue new challenges.

Mr. David Malpass, 66 years old, will leave his position on June 30, the end of the WB's fiscal year, after more than 4 years as head of this organization.

“I am very proud of more than four years of hard work and success here. After careful consideration, I have decided to pursue new challenges. I will leave on my own schedule. This is an opportunity for a smooth leadership transition as the World Bank works to meet growing global challenges,” the World Bank President emphasized.

“It is a great honor and privilege to serve as President of the world's leading development organization,” Mr. Malpass said in a statement.

The World Bank - a group of 187 countries that lends money to developing countries to help alleviate poverty. Former US President Donald Trump appointed Mr. Malpass as President of the World Bank in April 2019 for a five-year term. His term is expected to end in April 2024. As the largest shareholder, the US traditionally appoints the President of this organization.

Mr. Malpass is proud that during his tenure, the World Bank has responded to many crises, including the COVID-19 pandemic and the Russia-Ukraine conflict. The leader has implemented policies to respond to both crises, as well as focusing on policies to promote economic growth, ease the government's debt burden and help reduce poverty.

US Treasury Secretary Janet Yellen in a statement thanked Mr. Malpass for his dedication and support to Ukraine, Afghanistan and helping low-income countries reduce debt.

Ms. Yellen said that the US will soon nominate a successor to Mr. Malpass and hopes that the WB Board of Directors will carry out the nomination process for the next leader in a transparent and quick manner./.

H.Ha (According to Reuters, CNN)

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