World Bank President resigns
Mr. Jim Yong Kim has just suddenly announced his resignation, 3 years before the end of his second term.
In an email to World Bank (WB) staff, Mr. Jim Yong Kim said he will leave his position as president on February 1 to join a private company in the field of infrastructure investment for developing countries. WB is currently the world's largest lending and financing organization for poor and middle-income countries.
"The opportunity to join the private sector came as a surprise. But I decided this was the path I could take, to make a bigger impact on big global issues, like climate change and the infrastructure deficit in emerging markets," he wrote.
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Mr. Jim Yong Kim retired from World Bank from February 1. Photo:Reuters. |
Mr. Kim was nominated to this position by former US President Barack Obama in 2012. His second term will end in 2022. After his departure, Kristalina Georgieva - CEO of the WB will be the interim president.
Mr. Kim disagrees with the administration of US President Donald Trump on the issue of climate change and the need for resources for development. However,ReutersA source close to the matter said the decision was a personal one and not influenced by the Trump administration. However, Mr. Trump will have great power in choosing Mr. Kim’s successor, because the United States holds a controlling stake in the World Bank.
The nomination will not be easy. Mark Sobel, a former head of the International Monetary Fund (IMF), believes that the possibility of large emerging countries such as Brazil or China posing a challenge is quite high. These countries are fighting for greater influence in multilateral mechanisms, commensurate with their economic influence.
After receiving the nomination, the World Bank Board still needs to meet to make a final decision, so a moderate candidate would have a good chance of being approved, Sobel said.
