Published: Tue, January 08, 2019
Worldwide | By Jermaine Blake

World Bank president Jim Yong Kim announces surprise early resignation

World Bank president Jim Yong Kim announces surprise early resignation

World Bank Group president Jim Yong Kim, who was at odds with the Trump administration's policies on climate change, will resign effective February 1, more than three years ahead of his term's expiration, the multilateral lender said.

"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 said in a statement on Monday.

To that end, Kim announced that, immediately after his departure, he will join a firm and focus on increasing infrastructure investments in developing countries, it said, adding that the details of this new position will be announced shortly.

Under Kim's leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing. But in April, the lender won support from its member countries for a $13bn capital increase, after the United States dropped its objections.

Mr Kim has been at the helm of the World Bank since 2012, and was re-elected for a second five-year term that began in 2017.

World Bank President Jim Yong Kim speaks at the Milken Institute 21st Global Conference in Beverly Hills, California. According to Kim, the "key to bridging the massive development finance gap" is by working with the private sector. "Even without the restriction that this be an American, it's going to be hard to find good people to take these positions in this difficult global environment", said Rajan.

Michigan Family Killed in Wreck
Sam Baydoun , a Wayne County commissioner and real estate broker who had worked with Issam, called the tragedy "incomprehensible". The pickup truck driver was identified as 41-year-old Joey Lee Bailey of Georgetown , Kentucky , the coroner's office said.

Driver held in shooting death of Jazmine Barnes in Houston
Jazmine was killed after a gunman fired into the vehicle that she was riding in with her mother and siblings at around 6:50 a.m. He was arrested for marijuana possession and questioned by homicide investigators based on the tips, the affidavit said.

Kelly Reportedly Does Not Know Half of 'Surviving R. Kelly' Participants
Kelly ", which features interviews with women who allege Kelly preyed upon them when they were underage and abused them. Kelly reportedly wants to take legal action against every person who was involved in the documentary, " Surviving R.

The 189-nation World Bank is the largest government source for development funding, providing low-priced loans for projects around the world.

While the U.S. president traditionally nominates the person who eventually heads the bank, the lender's executive board has the final say.

Kim however championed a US$1 billion fund for women's entrepreneurship in an effort driven by Trump's daughter Ivanka, a senior White House adviser.

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

Trump's role will resurrect and strengthen challenges to the post-World War II model of the leadership of the 189-member bank that has always been determined by the US.

Like this: