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World Bank president announces sudden resignation

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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More than three years before the official end of his second term, the President of the World Bank, Jim Yong Kim, surprisingly announced his resignation. Kim resigns his post on February 1 and plans to invest in developing countries’ infrastructure on behalf of a “society”, the World Bank said Monday.

It was a “great honor” for him to serve the “important” institution dedicated to poverty reduction, the World Bank quoted its outgoing president.

“The World Bank’s work is the most important ever,” as poor countries’ expectations and problems such as climate change, epidemics, hunger or flight “increase in scope and complexity”.

NBFI

An exact reason for the resignation announcement of the 59-year-old was not mentioned. Also, for which “society” he wants to work in the future remained unclear.

Kim, who was born in South Korea, was the World Bank President in 2012. In September 2016, he was re-elected for another five years. Officially, his current mandate should run until the middle of 2022.

In the interim, World Bank Managing Director Kristalina Georgieva will take over the presidency.

Traditionally, one citizen from the United States has always been at the top of the World Bank, while the head of the International Monetary Fund (IMF) is occupied by a European – currently with the Frenchwoman Christine Lagarde.

So now President Donald Trump could nominate a candidate as successor. However, the unwritten rule for the distribution of posts is increasingly called into question by emerging countries such as China, Russia, India or Brazil, given the growing weight of emerging markets.

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