WASHINGTON: World Bank President David Malpass on Wednesday said he would leave his post well before his term ends, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.
Malpass, appointed by former President Donald Trump, will depart the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June. His five-year term was due to end in April 2024.
The former investment banker informed U.S. Treasury Secretary Janet Yellen of his decision on Tuesday, a source familiar with the matter said.
Malpass, who survived multiple calls for his resignation last fall and was not expected to be offered a second term, gave no specific reason for the move, saying in a statement, "after a good deal of thought, I’ve decided to pursue new challenges."
Malpass has been under pressure from Yellen in recent months to accelerate reforms aimed at changing the way the World Bank operates to ensure broader lending to combat climate change and other global challenges.
Yellen thanked Malpass for his service in a statement, saying: "The world has benefited from his strong support for Ukraine in the face of Russia's illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction."
The U.S. Treasury chief said the United States would soon nominate a replacement for Malpass and looked forward to the bank's board undertaking a "transparent, merit-based and swift nomination process for the next World Bank president."
Yellen last month declined comment when asked if the United States would support a second term for Malpass.
Malpass is expected to stay at least through the April meetings of the World Bank and International Monetary Fund, but could leave his post before the end of June, given the timeline for nominating and confirming a successor, one source said.
By long-standing tradition, the U.S. government selects the head of the World Bank, while European leaders choose the leader of its larger partner, the International Monetary Fund.
Nadia Daar, who heads the Washington office of Oxfam International, said the process should be opened to more candidates to improve the credibility of the institution.
"If shareholders really want to ‘evolve’ the @WorldBank, Malpass’ successor must be hired based on an open and merit-based selection process," she said on Twitter.
Malpass took up the World Bank helm in April 2019 after serving as the top official for international affairs at U.S. Treasury in the Trump administration. Before that, he served as the chief economist for the now-defunct investment bank Bear Stearns for more than a decade.
In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank's annual report.
Leaving at the end of the fiscal year at the end of June was a natural time to step aside, a source familiar with Malpass's thinking said. Doing so will give his successor time to put their imprint on the reforms before the joint meetings of the World Bank and the IMF in Morocco in October.
Two of the top contenders for the post are Samantha Power, who currently leads the U.S. Agency for International Development (USAID) and served as U.S. ambassador to the United Nations under President Barack Obama, and Rajiv Shah, former USAID administrator under Obama and currently president of the Rockefeller Foundation, a philanthropic group.
The World Bank's governors are expected to approve the bank's "evolution roadmap" for reforms incorporating U.S.-requested changes, such as balance sheet adjustments that free up an additional $2 billion for lending in fiscal 2024, at the spring meetings of the IMF and World Bank set for mid-April.
FEELING THE HEAT ON CLIMATE
Pressure to shake up the leadership of the World Bank to pave the way for a new president who would reform the Bank to more aggressively respond to climate change has been building for over two years from the United Nations, other world leaders and environmental groups.
In November 2021, Special Adviser to the U.N. Secretary-General on Climate Change Selwin Hart called out the World Bank for “fiddling while the developing world burns” and called the institution an “ongoing underperformer” on climate action.
Pressure on Malpass was reignited last September when the World Bank chief fumbled answering a question about whether he believed in the scientific consensus around climate change, which drew condemnation from the White House.
Environmental groups cheered his departure. "This is great news. It is hard to think of a worse fit for World Bank President than an alleged climate denier and the chief economist of Bear Stearns ahead of the 2008 recession," said Bronwen Tucker, Global Public Finance Campaign Co-Manager at Oil Change International.
According to the bank's 2021 annual report, Malpass earned $525,000 in annual net salary that year, and the bank made more than $340,000 in annual contributions to a pension plan and other benefits.
Reuters
Thu Feb 16 2023
Malpass, appointed by former President Donald Trump, will depart the multilateral development bank, which provides billions of dollars a year in funding for developing economies, by the end of June. - REUTERS/Filepic
Pelajar tahfiz perlu teroka bidang teknologi
Kira-kira 200,000 pelajar tahfiz di negara ini, perlu dipastikan untuk mempunyai kemampuan dan peluang menjadi tenaga penggerak kepada umat Islam Malaysia dalam meneroka bidang yang dahulu dilihat sebagai asing., tegas Perdana Menteri Datuk Seri Anwar Ibrahim.
Perpaduan rakyat prasyarat ekonomi mampan
Tidak semua negara Islam mempunyai ruang dan kesempatan untuk terus aman dan damai, dan mempunyai peluang untuk menikmati ekonomi yang kukuh dan berkembang seperti Malaysia, tegas Perdana Menteri Datuk Seri Anwar Ibrahim.
Beliau berkata, rakyat Malaysia perlu mempunyai tekad untuk memahami maksud dan keperluan perpaduan di kalangan mereka, serta kekuatan dalaman yang seterusnya dapat dijadikan tonggak untuk negara membuat langkah seterusnya.
Beliau berkata, rakyat Malaysia perlu mempunyai tekad untuk memahami maksud dan keperluan perpaduan di kalangan mereka, serta kekuatan dalaman yang seterusnya dapat dijadikan tonggak untuk negara membuat langkah seterusnya.
Tidak perlu tergesa-gesa tukar ke lesen B - JPJ
Pemegang Lesen Memandu Malaysia (LMM) Kelas B2 dan B1 tidak perlu tergesa-gesa mendaftar Program Khas Peralihan LLM Kelas B2/B1 Kepada LMM Kelas B kerana tiada had masa ditetapkan untuk permohonan.
KPWKM teruskan lapan inisiatif bantu warga emas
Kementerian Pembangunan Wanita, Keluarga dan Masyarakat (KPWKM) akan terus menggerakkan lapan inisiatif utama dalam memenuhi keperluan jagaan dan sistem sokongan terhadap warga emas.
Warga emas maut ditikam anak kandung yang berhalusinasi
Seorang pesara guru maut ditikam anak kandungnya sendiri di sebuah rumah dekat Kampung Senaling, di sini, petang Sabtu.
Menurut Ketua Polis Daerah Kuala Pilah, Superintendan Amran Mohd Ghani, siasatan awal mendapati warga emas berusia 65 tahun itu cuba memujuk anak lelakinya yang juga pemegang kad orang kurang upaya (OKU) mental yang dikatakan mahu membunuh diri.
Menurut Ketua Polis Daerah Kuala Pilah, Superintendan Amran Mohd Ghani, siasatan awal mendapati warga emas berusia 65 tahun itu cuba memujuk anak lelakinya yang juga pemegang kad orang kurang upaya (OKU) mental yang dikatakan mahu membunuh diri.
Berita tempatan pilihan sepanjang hari ini
Berikut adalah berita yang paling menjadi tumpuan sepanjang Sabtu, 5 Oktober 2024.
Berita antarabangsa pilihan sepanjang hari ini
Antara pelbagai berita luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
Hezbollah lancar serangan peluru berpandu ke atas kompleks industri ketenteraan di utara Israel
Pergerakan Hezbollah di Lubnan berkata mereka telah melancarkan serangan peluru berpandu ke atas kemudahan ATA Defence Industries.
Tiada kaitan dengan pelantikan CEO MDEC, Anuar Fariz bukan adik saya - Fahmi
Menteri Komunikasi Fahmi Fadzil menyangkal dakwaan Ketua Pegawai Eksekutif (CEO) baharu Perbadanan Ekonomi Digital Malaysia (MDEC) Anuar Fariz Fadzil merupakan adiknya.
Israel lakukan persiapan untuk serang Iran - Laporan
Tentera Israel sedang bersiap untuk "tindakan balas besar-besaran dan ekstrem" terhadap Iran.
China komited beri sumbangan kepada pembangunan ekonomi dunia
Ekonomi China menunjukkan trend pemulihan sejak awal tahun ini dan unjuran pasaran turut meningkat ketara.
China, India 'dikecualikan' daripada kelembapan global tahun ini - Bank Dunia
China dan India "dikecualikan daripada kelembapan" yang dijangka dialami ekonomi global tahun ini, kata Presiden Kumpulan Bank Dunia David Malpass.
Risiko kemelesetan ekonomi dunia meningkat - Ketua Bank Dunia, IMF
Ketua Bank Dunia dan IMF pada Isnin berkata risiko kemelesetan dalam ekonomi global semakin meningkat berikutan kenaikan kadar faedah serta ekonomi yang perlahan di seluruh dunia.
IMF, Bank Dunia ulangi amaran kemelesetan global tahun depan
Menurut Pengarah Urusan IMF, Kristalina Georgieva dan Presiden Bank Dunia, David Malpass, terdapat bahaya sebenar kemelesetan dunia tahun depan.
Keselamatan makanan: Bank Dunia umum pembiayaan US$30 bilion
Pembiayaan adalah untuk sektor seperti pertanian, pemakanan, perlindungan sosial dan air bagi tempoh 15 bulan akan datang.
Bank Dunia tolak pengecualian hak harta intelek vaksin COVID-19
Presidennya David Malpass tegaskan pengecualian itu akan menyekat inovasi bagi sektor farmaseutikal.
IMF, Bank Dunia desak G7 lepaskan lebihan vaksin COVID-19
Dua badan dunia itu juga mahu kerajaan, syarikat farmaseutikal dan kumpulan terlibat dalam perolehan vaksin meningkatkan ketelusan mengenai kontrak, pembiayaan dan penghantaran.
PBB gesa pengeluaran vaksin COVID-19 dipertingkat
PBB telah berusaha untuk mengkoordinasikan usaha global bagi membangun dan meningkatkan produksi vaksin dan rawatan yang berkesan.
COVID-19: Pertumbuhan ekonomi global dijangka menurun - IMF
Menurut Pengarah Urusan IMF, Kristalina Georgieva, kejutan kepada ekonomi ini adalah luar biasa dan memberi kesan kepada penawaran dan permintaan.
COVID-19: Bank Dunia umum dana awal AS$12 bilion
Presiden Bank Dunia berkata masih banyak yang tidak diketahui tentang virus yang pantas merebak ini dan lebih banyak bantuan mungkin diperlukan.