World Bank President David Malpass plans to step down a year before his term

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David Malpass

The World Bank, a group of 187 nations, lends money to developing countries to help reduce poverty White Frame Corner credit gettyimages

Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for a five-year period.

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Malpass told CNN’s that he has “no regrets” over his four-year tenure.

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He said, “We’ve achieved many of the things I wanted to…I think it’s really important that institutions have energy, new energy, and this is a good time for the World Bank to do that,”

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During Malpass’ tenure, the organization responded to multiple crises, including a global pandemic and Russia’s war in Ukraine

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Nikon HB-47 50mm lens

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He later clarified to CNN that he was a not a “a denier,” and that fossil fuel emissions are “clearly” contributing to global warming

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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.

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In his capacity as president, he has responded to COVID-19's worldwide issues and the global repercussions of Russia's invasion of Ukraine by firmly supporting Ukraine

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The agreement of Malpass expires in April 2024. At that point, President Biden will have the choice of re-nominating President Malpass or putting forth a replacement.

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An American holds the presidency of the World Bank. The job of Managing Director of the International Monetary Fund (IMF) is located in Europe.

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World Bank President David Malpass plans to step down a year before his term

David Malpass