World Bank President David Malpass said he plans to step down by the middle of this year, giving the Biden administration an opening to pick someone to carry out its goal of overhauling the global development lender to focus more on fighting climate change.
A former top international official at the Treasury Department, where he had a reputation as a China hawk, Malpass was nominated to helm the World Bank by then-President Donald Trump in 2019. As head of the anti-poverty lender, he pressured Beijing to provide more debt relief for developing nations and led the World Bank in lending more than $150 billion in response to Covid-19, Russia’s invasion of Ukraine and rising food and energy prices.
Last week, US Treasury Secretary Janet Yellen deepened her call for changes to the World Bank, urging it to more aggressively extend its balance sheet and to work harder at mobilizing private-sector money to help address global challenges like climate change and pandemics. She also praised his support for Ukraine, the Afghan people and to help low-income countries achieve debt sustainability through debt reduction.
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