World Bank President David Malpass said that he will resign as head of the influential lender before the end of his term.
Yellen thanked Malpass for his service and said, "While we all 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."in the face of Russia’s illegal and unprovoked invasion, his vital work to assist the Afghan people, and his commitment to helping low-income countries achieve debt sustainability through debt reduction," she added.
The U.S. traditionally gets to pick the president of the World Bank, which is a five-year post, while the European Union selects the head of the International Monetary Fund. Editor's note: This story was updated with additional background and reporting. Axios' Sareen Habeshian contributed to this report.
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