World Bank president David Malpass, former Under Secretary of the Treasury for International Affairs and a Trump appointee, announced Wednesday he would step down.
Malpass began a five-year term on April 9, 2019, according to his bio, but is cutting his run short after Axios reported last fall the Biden administration was seeking to oust him for failing to agree with the administration on climate change. He’ll step down at the end of the fiscal year on June 30 after seeing the multilateral development organization through a global pandemic and a war in Europe that has contributed to food and fertilizer shortages abroad, according to a press release.
“It has been an enormous honor and privilege to serve as President of the world’s premier development institution alongside so many talented and exceptional people,” Malpass, who is married to Daily Caller News Foundation President Adele Malpass, said in a statement. “With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact.
Malpass did not say why he was stepping down, only that he hoped to tackle “new challenges.”
Malpass advocated for free and open global trade during this time in office. In his previous postings at the Treasury Department, he focused on encouraging sustainable lending, improving global living standards and increasing debt transparency, his bio states. (RELATED: World Bank President Warns We Could Be Headed For A Global Recession)
The Biden administration felt concerned about Malpass’ perceived hesitance to affirm whether “manmade burning of fossil fuels is rapidly and dangerously warming the planet” in response to a journalist’s question at a Climate Week event in New York City in September, Axios and Reuters reported.
Malpass attempted to evade the question and later said “I don’t even know. I’m not a scientist,” according to Reuters.
“It’s clear that greenhouse gas emissions are coming from man-made sources, including fossil fuels … I’m not a denier,” Malpass told CNN later that day. He faced calls to resign over the comments and later apologized, Reuters reported.
“It was a poorly chosen line, I regret that, because we as an organization are using the science every day,” Malpass told Politico.
Officials said they did not know whether the administration had the authority to oust Malpass, as his leadership was confirmed by the organization’s board of executive directors, Axios reported. Nevertheless, the administration has long held suspicions toward Malpass.
The @WorldBank is announcing $1.78 billion in support for Türkiye following this week’s devastating earthquakes.
We are preparing a rapid assessment of the urgent and massive needs on the ground to identify priority areas for recovery and reconstruction. https://t.co/lb1FkOvGx8
— David Malpass (@DavidMalpassWBG) February 9, 2023
The World Bank focuses on reallocating capital from member countries toward loans for developing nations, which members say will promote global economic growth and ameliorate poverty.
The bank mobilized a “record” $440 billion for poor countries under Malpass, including $157 billion for the COVID-19 pandemic and $170 billion in response to the Ukraine war, according to the press release. It also launched a Climate Change Action Plan and provided a historic $26 billion in climate-related financing.
The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.
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