DAVID MALPASS

David Malpass, current president of the World Bank, will leave the post at the end of June.

The United States is nominating former Mastercard CEO Ajay Banga to lead the World Bank.

The administration shouldn’t confine itself to Americans as it seeks the right candidate to succeed David Malpass.

Leading climate figures are urging the Biden administration to use the early departure of the Trump-appointed head of the World Bank as an opening to overhaul the powerful financial institution.

Appointed by then-President Trump in 2019, he is leaving before his five-year term expires. Malpass faced backlash over his comments at Climate Week NYC in 2022.

World Bank President David Malpass says he won’t resign after coming under criticism for his remarks earlier this week regarding climate change.

Climate activists have never liked Trump-appointed World Bank President David Malpass. But this week, his comments on climate change fueled calls for President Biden to make a change.

The following is a transcript of an interview with President of the World Bank Group David Malpass that aired Sunday, June 26, 2022, on "Face the Nation."

The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades.

The global economy may be headed for years of weak growth and rising prices, a toxic combination that will test the stability of dozens of countries still struggling to rebound from the pandemic, the World Bank warned.

U.S. Treasury Secretary Janet Yellen has met with Ukrainian refugees and urged the need to confront Russian brutality as she visited Poland ahead of a meeting of finance ministers for the Group of Seven leading economies.

Across Latin America, the sharpest price spike in a generation has left many widely consumed local products suddenly hard to attain.

No item is more essential to Mexican dinner tables than the corn tortilla. Months ago, García, 67, would buy a stack of tortillas weighing several kilograms to take home to her family every day. “Everything has gone up here,” she told The Associated Press while standing outside a tortilla shop.

President Joe Biden wants Congress to provide $33 billion to bolster Ukraine’s fight against Russia.

The heads of the International Monetary Fund and the World Bank are warning that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices.

Treasury Secretary Janet Yellen has urged world finance leaders to “get concrete” as they look for ways to combat a looming crisis over food insecurity around the globe that Russia’s war in Ukraine has made worse.

The largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia.

The following is a transcript of an interview with World Bank President David Malpass that aired Sunday, February 27, 2022, on "Face the Nation."

Global growth is expected to slow from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as more nations start unwinding policy support, the World Bank said.

The World Bank is downgrading its outlook for the global economy.

The following is a transcript of an interview with David Malpass, president of the World Bank Group, that aired Sunday, November 14, 2021, on "Face the Nation."

The embattled head of the International Monetary Fund is pledging renewed efforts to bolster data integrity while focusing on the main job of helping countries recover from a devastating global pandemic.

The head of the World Bank has discussed Sudan's daunting economic challenges with the country's transitional government.

Public health experts and humanitarian groups are calling for money, increased vaccine production and logistical support to help developing countries where the virus is still raging.

The World Bank is upgrading the outlook for global growth this year, predicting that COVID-19 vaccinations and massive government stimulus in rich countries will power the fastest worldwide expansion in nearly five decades.

The Group of Seven wealthy democracies have agreed to support a global minimum corporate tax of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries.

The Treasury Department is working with the International Monetary Fund to help provide up to $650 billion in currency aid to countries hit hardest by the Covid-19 pandemic.

The Sudanese government says it cleared all of its past-due repayments to the World Bank. Sudan's cabinet said in a statement Friday, March 26, 2021, that the repayments allow Sudan to resume normal relations with the World Bank after nearly 30 years of suspension. This development allows Sudan to resume normal relations with the World Bank after nearly 30 years of suspension, according to a statement released by Sudan's Cabinet. The World Bank said that by clearing its debts, Sudan will have access to nearly $2 billion in grants for poverty reduction and sustainable development. The Sudanese government said that it shall soon discuss with the World Bank the schedule for the disbursement of total grants of $2 billion over the next two years.

FILE - In this Oct. 17, 2019 file photo, World Bank President David Malpass speaks during a news conference at the World Bank/IMF Annual Meetings in Washington. For 2020, the World Bank expects GDP in the United States to fall by 4.3% while it predicted a modest 2% increase in China. To combat the sharp downturn, the World Bank has made $160 billion available to help more than 100 countries protect the poor, support businesses and bolster the recovery. Malpass, in a briefing for reporters, said the World Bank was making available $12 billion to provide 1 billion COVID-19 vaccinations in poor countries. For all advanced economies, the World Bank predicted a drop of 5.4% in 2020 and a rise of 3.3% in 2021.

That's a particular problem in the developing world," Malpass said. "We think there are ...1 billion children out of school in the developing world waiting, really, for the recovery to take hold. While the pandemic-induced recession has eased in wealthy countries, Malpass said that has not been an experience shared across the world. "Apart from China, many of the developing countries are worse than had been earlier expected, so it's this unequal process of recovery going on," he said. There needs to be long-term solutions to help developing nations that have been set back by the pandemic, Malpass contended.

WASHINGTON – The world's major economies are considering a proposal to extend for six months a moratorium on debt payments by poor nations as a way to provide support during the worst global recession since the 1930s. The issue is being discussed at a virtual meeting Wednesday of the Group of 20 major industrial countries, which includes traditional economic powers such as the United States, Japan and Germany and emerging economies such as China. The virtual discussions are being held at the start of this week's meetings of the 189-nation International Monetary Fund and the World Bank, which are also being conducted virtually because of the coronavirus pandemic. Mohammed al-Jaardan, the finance minister for Saudi Arabia, this year's chair of the G-20, said the suspension of debt payments, due to expire by year's end, should be extended into 2021. World Bank President David Malpass has told reporters that he expects the extension will be for six months.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries. Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said. The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the World Bank said. The World Bank said it will draw on expertise and experience from its involvement in many large-scale immunization programs and other public health efforts. The funding also is meant to help countries access tests and treatments and to support management of supply chains and other logistics for vaccinations in developing countries, the bank said.

Middle income-countries are expected to have 82% of the new extreme poor, including India, Nigeria and Indonesia. Most of the new extreme poor, more than 110 million even by the World Bank's baseline estimate, will be in South Asia and sub-Saharan Africa. Roughly a third of the newly extreme poor are expected to be in sub-Saharan Africa, between 26 million and 40 million. The World Bank estimates between 88 million and 115 million people could slip into extreme poverty this year, with another 23 million to 35 million in 2021. The report "offers no simple answers to these major challenges currently confronting the world, because there are not any,” the World Bank authors write.

The coronavirus pandemic may set back economic growth efforts in developing nations, World Bank President David Malpass told CNBC on Wednesday. Futher progress can be made on access to electricity, clean water and sanitation, Malpass said in a "Squawk on the Street" interview, "but the big worry is that we're moving backward because of the global recession." As a result of the pandemic, the world will likely experience its worst recession since the Great Depression, the International Monetary Fund said Tuesday. The world recession will be deep and that especially impacts poorer countries," Malpass said. The World Bank in early April approved a $1.9 billion funding program for developing countries to help support their response to Covid-19.

The International Monetary Fund on Monday said it "stands ready" to use its $1 trillion lending capacity to help countries around the world that are struggling with the humanitarian and economic impact of the novel coronavirus. "As a first line of defense, the Fund can deploy its flexible and rapid-disbursing emergency response toolkit to help countries with urgent balance-of-payment needs," IMF managing director Kristalina Georgieva said in a statement. "The Fund already has 40 ongoing arrangements both disbursing and precautionary with combined commitments of about $200 billion," she added. Georgieva wrote on the IMF's website that the lending could be used to aid its members, especially emerging and developing countries. She said the Fund's Catastrophe Containment and Relief Trust "can help the poorest countries with immediate debt relief, which will free up vital resources for health spending, containment, and mitigation.

Former Federal Reserve chair Janet Yellen said during a Feb. 4 talk at George Washington University that while she sees the coronavirus posing a risk to the global economy, similar past epidemics only had modest long-term effects. The coronavirus is definitely "a potential influence on the global economy," Yellen said, adding that it seems certain to have a significant effect at least a quarter or two on Chinese growth. And because China is such a significant player in the global economy, there's bound to be "spillovers." Still, Yellen remains concerned. "To my mind, it is a clearly a source of uncertainty and risk to the global outlook."