Exclusive: World Bank President David Malpass told Reuters he decided to leave before his five-year contract ended because he felt work was well underway on reforms aimed at expanding the bank's lending
"It's a good time for me to look at new challenges," Malpass said. "I think we'll have made progress by the spring meetings, and then there'll be other issues that take longer, and my successor will step in."condemned by the White House
Asked about suggestions he had been urged to leave, Malpass said he was leaving on his own terms and it made sense for him at this time. Malpass's term was due to end in April 2024. 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.
Malpass said he would work hard to ensure a good transition. He said the bank was moving swiftly to enact reforms that would increase its lending power to developing countries, including through potential changes to its equity-to-lending ratios, a key demand voiced by Treasury, that should be finalized by the April meetings of the World Bank and the International Monetary Fund.
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