BY BAMIDELE FAMOOFO
World Bank Group President, David Malpass, has informed the Board of Executive Directors of his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30 after serving more than four years.
During Malpass’s tenure, he focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens.
Over the last four years, the Bank Group’s five institutions (IBRD, IDA, IFC, MIGA, and ICSID) responded quickly to global crises, mobilizing a record $440 billion in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, climate change, and food, fertilizer, and energy shortages.
“It has been an enormous honour and privilege to serve as President of the world’s premier development institution alongside so many talented and exceptional people,” said Malpass.
“With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career. Having made much progress, and after a good deal of thought, I’ve decided to pursue new challenges. I want to thank our staff and Boards of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times.”
With developing countries under severe financial pressure, Malpass met frequently with world leaders to discuss supportive policies, including debt reduction to break the cycles of unsustainable debt. Under his leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion last year. Malpass led efforts to enable and increase private sector investment and trade and contributed thought leadership to the Bank Group’s analytical products on fiscal and monetary policy, currency systems, and governance reform. Malpass also strengthened the institution’s management and personnel and will leave the Bank Group with solidified finances and fundraising to support its AAA credit rating.
“The Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises,” said Malpass. “This is an opportunity for a smooth leadership transition as the Bank Group works to meet increasing global challenges, facilitate private investment, sharpen its focus on global public goods, and maintain strong momentum on operational delivery and portfolio performance for client countries.”