The president of the World Bank (WB), David Malpass, announced on Wednesday to the executive management of this multilateral financial organization that he intends to leave his position before the end of the current fiscal year on June 30, twelve months before the expected term of office. He would do it after having been in charge of this outstanding position for four years.
“It has been a tremendous honor and privilege to serve as president of the world’s leading development institution alongside so many talented and exceptional individuals,” Malpass said in an official statement from the institution.
With developing countries under severe financial pressure, Malpass has during this time met with world leaders to discuss supportive policies, including reducing national liabilities to break cycles of unsustainable debt. Under his leadership, the World Bank and its partners “more than doubled” their climate finance for developing countries, reaching a record $32 billion last year.
He has also led efforts to enable and increase investment, as well as trade, within the private sector. He has also contributed thought leadership to the World Bank’s analytical products on fiscal and monetary policy, monetary systems, and governance reform.
Malpass has also strengthened the institution’s administration and staff. It will also leave solid internal finances and a strengthened fundraising system to support its AAA credit rating, according to the World Bank itself.
Facing global challenges
“It is an opportunity for a smooth leadership transition as the Bank Group works to meet growing global challenges, facilitate private investment, sharpen its focus on global public goods, and maintain strong momentum in operational delivery and development.” performance of the portfolio for client countries”, they emphasize from the institution.
One of Malpass’s key initiatives has been to promote debt transparency and sustainability. They have been two key factors in rebuilding investment and growth, as well as strengthening the effectiveness of the Bank Group’s management.