World Bank President anticipates leaving office – 02/15/2023 – Market

World Bank President David Malpass said on Wednesday he would step down by the end of June, months after clashing with the White House for failing to say whether he accepts the scientific consensus on global warming. .

Malpass, appointed by former US President Donald Trump, will step down as head of the multilateral development bank, which provides billions of dollars a year in financing to developing economies, with less than a year to go in his term.

He offered no specific reason for the decision and said in a statement: “After much thought, I have decided to pursue new challenges.”

Last fall, Malpass came under fire from the White House after he refused to say he supported the scientific consensus on climate change. He later apologized and reiterated his view that human activity contributes to climate change.

More recently, US Treasury Secretary Janet Yellen has launched a major effort to reform the way the World Bank operates to guarantee broader lending to combat climate change and other global challenges.

A source familiar with the decision said Malpass informed Yellen of his departure on Tuesday.

The end of the fiscal year was a natural time to step away, the source said. World Bank directors are expected to approve the bank’s roadmap for reforms with only minor changes at the spring meetings of the International Monetary Fund and World Bank scheduled for mid-April.