Malpass surprised by early exit from World Bank

Malpass surprised by early exit from World Bank

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Yellen said the United States would soon nominate a replacement for Malpass and the bank’s board is expected to begin a “transparent, merit-based and speedy nomination process for the next President of the World Bank”.

By long-standing tradition, the US government chooses the head of the World Bank, while European leaders choose the leader of its larger partner, the International Monetary Fund.

Malpass took charge of the World Bank in April 2019 after serving as the top international affairs official at the US Treasury in the Trump administration. In 2022, the World Bank committed more than $104 billion to projects around the world, according to the bank’s annual report.

A source familiar with his thinking said Malpass informed Yellen of his decision on Tuesday.

The source said the end of the financial year in late June was a natural time to step aside. The World Bank governors are expected to approve the bank’s roadmap for reforms with only minor changes at the spring meetings of the IMF and the World Bank to be held in mid-April.

Still, World Bank sources said they were surprised by his decision to step down ahead of a joint meeting of the World Bank and the International Monetary Fund in Morocco in October.

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