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Feb. 15 (UPI) -- World Bank President David Malpass has announced his early resignation, saying he plans to step down before the end of his five-year term. Malpass informed World Bank's Board of Executive Directors on Wednesday that he will exit the organization on June 30, after serving more than four years. His five-year term was due to end in April of 2024.
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"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," Malpass said in a statement.
"We've worked hard together to reduce poverty, increase economic growth, reduce government debt burdens and improve living standards across the full range of human development, including education, health, social protection and jobs, gender and access to clean water and electricity," Malpass added.
Malpass was appointed to head the World Bank -- a group of 187 countries that lends money to developing nations to reduce poverty -- by former President Donald Trump in 2019.
On Wednesday, the World Bank commended Malpass' leadership over the Bank Group's five institutions as they mobilized a record $440 billion in response to "the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, climate change and food, fertilizer and energy shortages."
Malpass has faced criticism from climate activists who claim he is a climate denier, after he dodged questions about the science behind climate change at an event last September. Despite the controversy, the World Bank noted Wednesday that it more than doubled its climate financing under Malpass' leadership last year, to a record $32 billion.
While Malpass did not address the climate controversy or give a specific reason for his resignation, he said he decided to leave now to "pursue new challenges."
"As I have done throughout my public sector career, I will be looking for ways to improve people's lives and living standards," Malpass said. "This is an important and constructive opportunity for the World Bank Group to set its course."
On Wednesday, Treasury Secretary Janet Yellen thanked Malpass.
"Under President Malpass' leadership, the World Bank has advanced shared priorities that have measurably improved the lives of people around the globe," Yellen said in a statement.
"And while we must continue to raise our collective ambitions in the fight against climate change, during President Malpass' tenure the World Bank has made important recent advances in this area," Yellen added.
The Treasury secretary also said she looked forward to a "transparent, merit-based and swift nomination process for the next World Bank President."
