World Bank President David Malpass resigns in June

World Bank President David Malpass will step down at the end of June, nearly a year before his term expires.

The bank issued a statement on Wednesday saying Malpass, who had been appointed to his position by former US President Donald Trump, had informed the board of his decision to step down after four years “to pursue new challenges.” place”.

“It has been a tremendous honor and privilege to serve alongside so many talented and extraordinary people as President of the world’s leading development institution,” Malpass said in a statement.

The US and other major World Bank shareholders have pressured the bank over the past year to step up efforts to tackle global challenges, including climate change, in addition to its traditional mandate of tackling global poverty.

That pressure increased after Malpass, despite repeated questioning, refused to say at a conference in September whether he believed in human-caused climate change. He later said he was misunderstood.

Last week, US Treasury Secretary Janet Yellen urged the bank’s leadership to implement reforms “quickly” to free up more money to fight climate change.

The US is the largest shareholder in the international financial institution that provides finance to developing countries.