Embattled World Bank President David Malpass, revealed on Wednesday, February 15, 2023, that he would stand down by June, about a year before his tenure expires.
Mr. Malpass, who was nominated by President Donald J. Trump in 2019 for a five-year term, has been in charge of the organization that lends billions of dollars annually to underdeveloped countries dealing with health problems, starvation, warfare, and global warming.
Making the announcement Malpass said that he was proud of the achievements made during his time in office.
“It has been a tremendous honor and joy to serve as President of the world’s leading development institution. I’m happy that the Bank Group has responded with speed, scale, innovation, and impact as developing countries face unprecedented crises.” Malpass said in a statement.
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Throughout his tenure, Mr. Malpass guided the bank through the world economic crisis brought on by the coronavirus outbreak and Russia’s conflict in Ukraine.
He oversaw the bank for more than four years and was set to serve until the end of his term in April 2024 after fighting off attempts to have him removed, mainly from environmental activists.
In September, Malpass came under fire from environmentalists after he declined to say if he agreed with the scientific view that burning fossil fuels was endangering global warming during a climate panel.
Following a storm of criticism, several of his opponents demanded his resignation.
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Later, he told CNN that he was not a “denier” and that fossil fuel emissions were “clearly” a factor in the rise in global temperatures.
He also handled a growing portfolio of loans that were intended to aid counties in coping with climate change and making the switch to renewable energy sources.
In November, for example, the bank agreed to lend South Africa $440 million to assist in the conversion of a coal power plant to one that will run on renewables and batteries.
In a prompt response, U.S. Treasury Secretary Janet Yellen praised Malpass in particular for his support to Ukraine and stated that he had “measurably enhanced the lives of people around the globe.”
She made a diplomatic remark about climate change, saying that the World Bank has achieved significant recent advancements during his “tenure.”
She promised to replace him with an “open, merit-based and speedy nomination process.”
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