World Bank President David Malpass annonces early exit

World Bank President David Malpass declared his intention to quit by the end of June, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.

Malpass, appointed by former US President Donald Trump, offered no specific reason for the move, saying in a statement, “after a good deal of thought, I’ve decided to pursue new challenges.”

He will relinquish his position in the multilateral development bank, which provides billions of dollars a year in funding for developing economies, with less than a year remaining in a five-year term. 

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

Under his leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion last year.

Treasury Secretary Janet Yellen thanked Malpass for his service in a statement, saying: “The world has benefited from his strong support for Ukraine in the face of Russia’s illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction.”