World Bank chief David Malpass yesterday announced that he would step down from the post before his five-year term expires. Mr. Malpass was appointed to the role in 2019 and previously served as Under Secretary of the Treasury for international affairs in US Administration.

According to media reports, in recent months, Malpass has come up against calls for his resignation or removal.

Climate activists had called for Malpass to be ousted for what they said was an inadequate approach to the climate crisis.

Treasury Secretary Janet Yellen, in a statement, said that the US is looking forward to a swift nomination process for Malpass' successor.