World Bank Group President "David Malpass" 15th Feb 2023 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.

He took over the Presidential post of the World Bank in 2019. Earlier he served as Under Secretary of the Treasury for International Affairs in the US Administration.

The World Bank is an international financial institution that provides capital to low- and middle-income countries. Its main aim is to provide loans and grants for the purpose of taking projects forward. Its headquarters are in Washington, located in DC...

Source : World Bank