World Bank President David Malpass to step down early.

World Bank President David Malpass plans to step down a year before his term is set to end, the organization announced Wednesday (15).

Malpass will leave his position on June 30, the end of the World Bank’s fiscal year, after serving more than four years in the role.

The World Bank, a group of 187 nations, lends money to developing countries to help reduce poverty. Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for a five-year period. As the largest shareholder, the United States traditionally appoints its president.

During Malpass’ tenure, the organization responded to multiple crises, including a global pandemic and Russia’s war in Ukraine. The World Bank said Malpass implemented record surges in finances in response to both. He also focused on policies to increase economic growth, reduce government debt burdens, and help reduce poverty.

Source: https://edition.cnn.com

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