In surprise move, World Bank president to quit by February
AP | Jan 8, 2019, 12:24 ISTHighlights
- The World Bank said Kim will be succeeded on an interim basis by Kristalina Georgieva, its CEO and the bank’s executive board would immediately start the process for selecting a permanent successor to Kim
- The US is the largest shareholder in the bank, which is headquartered in Washington
World Bank president Jim Yong Kim (File photo: AFP)WASHINGTON: Jim Yong Kim, the president of the World Bank who was at odds with the Trump administrations policy on climate change, announced Monday he is resigning at the end of January.
Kim’s unexpected departure three years before his term was set to expire is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the US exerts over the World Bank.
Kim’s departure will give US President Trump the chance to nominate his own choice to fill the post. Since the creation of the 189-nation bank at the end of WW II, its leaders have all been Americans. Its sister lending agency, the International Monetary Fund, has always been led by a European. Other countries, including China and other Asian nations, have complained about the pattern.
The World Bank said Kim will be succeeded on an interim basis by Kristalina Georgieva, its CEO and the bank’s executive board would immediately start the process for selecting a permanent successor to Kim. The US is the largest shareholder in the bank, which is headquartered in Washington.
Kim’s unexpected departure three years before his term was set to expire is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the US exerts over the World Bank.
Kim’s departure will give US President Trump the chance to nominate his own choice to fill the post. Since the creation of the 189-nation bank at the end of WW II, its leaders have all been Americans. Its sister lending agency, the International Monetary Fund, has always been led by a European. Other countries, including China and other Asian nations, have complained about the pattern.
The World Bank said Kim will be succeeded on an interim basis by Kristalina Georgieva, its CEO and the bank’s executive board would immediately start the process for selecting a permanent successor to Kim. The US is the largest shareholder in the bank, which is headquartered in Washington.
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