Wednesday, 20 March, 2019

World Bank's Kim to resign effective Feb 1, work on infrastructure

Melinda Gates on fighting technological inequality Jim Yong Kim resigns as president of the World Bank
Priscilla Morrison | 07 January, 2019, 21:40

Jim Yong Kim has resigned his position as head of the global institution.

Dr. Kim who was elected president of the bank in 2010, was re-elected for a second term of five years, in 2017 and should have remained in office till 2022.

It said, Dr. Kim would "join a firm and focus on increasing infrastructure investments in developing countries".

Two people familiar with Kim's announcement to the World Bank executive board said he was leaving of his own accord and was "not pushed out" by the Trump administration.

Under Kim's leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing.

More news: LG launches an 88-inch 8K OLED display with built-in sound

Trump has repeatedly voiced disdain for multilateral institutions and questioned USA foreign aid commitments, making it likely his authority to name a new president will be challenged by emerging economies that have in recent decades grown increasingly opposed to U.S. dominance over the global development bank.

Dr Kim was nominated to the post for two terms by former USA president Barack Obama, and advocated financing for green energy projects while dropping support for coal power investments.

The Trump administration, with its largely sceptical stance on climate change, will have great influence in deciding Dr Kim's successor, as the United States holds a controlling stake in the World Bank's voting rights.

Internal staff surveys showed rank and file frequently did not trust management or understand the direction in which the institution was headed.

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