Breaking!! World Bank president, Jim Yong Kim resigns
World Bank President, Jim Yong Kim has announced that he would step
down next month, more than three years before his current term was due
to expire.
The decision ends Kim’s six-year tenure and may give US President
Donald Trump decisive influence over the future leadership of the
189-member global development lender.
“It has been a great honor to serve as president of this remarkable
institution, full of passionate individuals dedicated to the mission of
ending extreme poverty in our lifetime,” Kim, 59, said in a statement.
Kim, who became the bank’s president in 2012, is to join an unnamed
firm focusing on investments in developing countries, the bank said in a
statement, and will return to the board of Partners-in-Health, which he
co-founded. World Bank CEO Kristalina Georgieva will serve as interim
president upon Kim’s February 1 departure, the bank said in a statement.
Under Kim’s leadership, the bank set the goal of eliminating extreme
poverty by 2030 and ramped up financing. Last year, it also won approval
for a sharp $13 billion capital increase after acceding to requests
from the Trump administration to curb loans to high-income countries
like China.
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