In his four-year tenure, climate finance for developing countries has doubled, while the institution’s funds have been strengthened
The president of the World Bank (WB), David Malpass, announced on Wednesday to the executive management of this multilateral financial organization that he wants to step down from his position before the end of the current fiscal year on June 30, twelve months before the expected term. from office. He would do so after having held this special position for four years.
“It has been a tremendous honor and privilege to serve as president of the world’s leading development institution alongside so many talented and exceptional individuals,” Malpass said in an official statement from the institution.
With developing countries under severe financial strain, Malpass has met with world leaders during this time to discuss supportive policies, including reducing national liabilities to break cycles of unsustainable debt. Under his leadership, the World Bank and its partners “more than doubled” their climate finance for developing countries, reaching a record $32 billion last year.
He has also led efforts to enable and increase private sector investment and trade. He has also contributed opinion leaders to the World Bank’s analytical products on fiscal and monetary policy, monetary systems and governance reform.
Malpass has also strengthened the institution’s administration and staff. It will also leave behind solid internal finances and a strengthened fundraising system to support its AAA credit rating, according to the World Bank itself.
“It is an opportunity for a smooth transition of leadership as the Bank Group works to address growing global challenges, facilitate private investment, sharpen its focus on global public goods and maintain strong momentum in operational execution and development.” countries”, they emphasize from the institution.
One of Malpass’ key initiatives was to promote debt transparency and sustainability. They have been two key factors in restoring investment and growth, and strengthening the effectiveness of the Bank Group’s management.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
