World Bank president David Malpass to step down before end of term

President of the World Bank David Malpass will step down from his post in June, almost a year before his term was set to expire.

In a statement, the bank said that Malpass, who was appointed by former US president Donald Trump, had informed the board of his decision to step down "to pursue new challenges". He first announced his resignation on LinkedIn.

Malpass began his five-year term in April 2019, after working in the US Department of Treasury during the Trump administration.

"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," Malpass said.

World Bank cuts 2023 global growth projection to 1.7%

Over the past year, the US and other major World Bank shareholders have pushed the organisation to increase its efforts in addressing global issues, such as climate change, in addition to its core mission of eradicating global poverty.

The pressure mounted after Malpass refused to respond to questions about whether he believed in human-caused climate change at a conference in September. Last year, the White House rebuked him after he said he did not know if fossil fuels were driving climate change.

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