its president The World Bank David Malpas will step down as head of an international financial institution in Washington by June 30, the bank said in a press release without giving a reason for his resignation.

It is not clear why Malpas, appointed to the post by former US President Donald Trump, is leaving before his five-year term expires.

Malpas, 66, the World Bank’s 13th president, told the board of directors today of his intention to step down from his post, which he has held for more than four years, according to a press release.

The World Bank is “fundamentally sound, financially sound and well positioned to increase its development impact in the face of urgent global crises,” said Malpas, who was described in a press release as “an opportunity for a smooth change of address.”

“As I face new challenges, I would like to thank all of our staff and our advice,” the American said in a memo sent to World Bank teams and seen by AFP.

David Malpas, in his four years in office, “focused on finding more effective policies to boost economic growth, reduce poverty, improve living standards and reduce the public debt burden,” the World Bank stressed in a Press Bulletin.

It is accepted that the World Bank is headed by an American, and the International Monetary Fund is headed by a European.

Source: APE/MEB