Washington: World Bank President David Malpass announced that he will resign before the end of his term. If media reports are to be believed, the World Bank said that Malpas will leave his post on June 30. The World Bank is taking this step at the end of its financial year. He remained in this post for four years. The World Bank, a group of 187 countries, lends money to developing countries to help reduce poverty.
“It has been an enormous honor and privilege to serve as president of the world’s premier development institution,” Malpass said in a statement. With developing countries facing unprecedented crises, I am proud that the Bank Group has responded with speed, scale, innovation and impact. Former US President Donald Trump appointed Malpass as the head of the World Bank in 2019 for a term of five years.
The World Bank was established in 1944 to help rebuild Europe and Japan after World War II. Its official name was the International Bank for Reconstruction and Development (IBRD). It started operations in 1946 and had 38 members. Today most of the countries of the world are its members, including India.
