World Bank Chief David Malpass To Step Down Year Before Term Ends | CPT PPP Coverage

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Prior to leading the World Bank, Malpass served the US Treasury. (File)

Washington:

World Bank chief David Malpass announced Wednesday he would step down nearly a year early from his position heading the development lender, amid questions over his climate stance.

The veteran of Republican administrations in the United States was appointed to the role in 2019 when Donald Trump was president and previously served as Under Secretary of the Treasury for international affairs.

His tenure at the World Bank saw the organization grapple with global crises such as the Covid-19 pandemic, the Russian invasion of Ukraine and an international economic slowdown.

“After a good deal of thought, I’ve decided to pursue new challenges,” the 66-year-old was quoted as saying in a statement from the bank, having informed its board of his decision.

“This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges,” Malpass added.

In recent months, Malpass has come up against calls for his resignation or removal, for what climate activists have said is an inadequate approach to the climate crisis.

In September last year, climate groups called for his removal after he refused multiple times to say if he believed man-made emissions contributed to global warming.

At the time, he said he would not stand down despite mounting fire.

The White House previously rebuked Malpass, with Press Secretary Karine Jean-Pierre saying the expectation was for the bank to be a global leader on climate crisis response.

The bank said in a statement on Wednesday that it has “responded quickly” in the face of recent global challenges, in particular mobilizing a record $440 billion in response to climate change, the pandemic and other issues.

“Under (Malpass’s) leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion last year,” the statement added.

In a note to staff seen by AFP, Malpass added: “Developing countries around the world are facing unprecedented crises and I’m proud that the Bank Group has continued to respond with speed, scale, innovation, and impact.”

Malpass’s term would have originally ended in 2024.

The head of the World Bank is traditionally an American, while the leader of the other major international lender in Washington, the International Monetary Fund, tends to be European.

Prior to assuming his role as World Bank president, Malpass repeatedly lambasted the big development lenders as wasteful and ineffective and called for reforms.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)