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David Malpass, president of the World Bank, announces his resignation

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David Malpass – president of the World Bank – announced in a communiqué that he was resigning from his position on June 30 this year. The reasons for the resignation are not known.

Malpass, 66, is the 13th president of the Washington-based institution. He said he had already notified the World Bank board of his intention to leave the position he held for four years.

David Malpass resigns

Malpass became the head of the World Bank in April 2019, replacing Korean-American Jim Yong Kim.

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The term of office of the president of the World Bank is five years.

Both the World Bank and the International Monetary Fund were established under the arrangements made at the Bretton Woods Conference in 1944, which agreed on the outline of the post-war economic order. The goal of both institutions is to reduce poverty in the world by granting loans for development projects. 189 countries belong to the IMF and the World Bank.

Main photo source: TVN24

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