World Bank chief David Malpass decides to step down a year early

World Bank's president David Malpass said he will step down almost a year early from his position.

In a tweet, Malpass said he met the World Bank's Board of Directors and informed them of his intention to step down by the end of June 30 ending fiscal year.

David Malpass was selected as 13th President of the World Bank Group by its Board of Executive Directors on April 5, 2019. His five-year term began on April 9.

Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.

In a LinkedIn post, he said, "This afternoon, I shared with the World Bank Group's Board of Directors my intention to step down by the end of the World Bank's fiscal year", adding that the Bank Group is well positioned to tackle critical development challenges, increase impact, and support economic growth.

"Serving as President of the World Bank Group has been my enormous honor and privilege. I am deeply grateful for the support of the Executive Directors, Officers, and staff across all five World Bank Group institutions," he said.

"We have delivered consecutive surges of financing during overlapping global crises, and our efforts are reaching completion thanks to hard work and innovation around the institution - first, the $150b in response to the COVID-19 pandemic; and now the overlapping $170b surge in response to Russia's invasion of Ukraine and its spillover effects," he added.

He added he was eagerly looking forward to working on the multiple challenges facing economics, business, development, and global finance.

"As I have done throughout my public sector career, I will be looking for ways to improve people's lives and living standards. This is an important and constructive opportunity for the World Bank Group to set its course. I'll have more to say on our progress in the weeks ahead," Malpass added.

( With inputs from ANI )