World Bank President announces resignation
Published: 01:21 PM, 8 January 2019 Updated: 01:21 PM, 8 January 2019
Daily Bangladesh Desk
World Bank President Jim Yong Kim announced on Monday that he would step down next month, more than three years before his current term was due to expire.
The decision ends Dr Kim’s six-year tenure and may give United States President Donald decisive influence over the future leadership of the global development lender.
In a statement, Dr Kim 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.”
In a statement issued by World Bank, it is said that Dr Kim became World Bank President in 2012, is to join an as-yet unnamed firm focusing on investments in developing countries and will return to the board of Partners-in-Health, which he co-founded.
World Bank chief executive Kristalina Georgieva will serve as interim president upon Dr Kim’s Feb 1 departure, the bank said in a statement.
Under Dr Kim’s leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing.
Last year, it also won approval for a sharp US$13 billion (S$18 billion) capital increase after acceding to requests from the Trump administration to curb loans to high-income countries like China.
Naming Dr Kim’s replacement could mark a sharp break with the past as the Trump administration has repeatedly broken with multilateral institutions and conventions of which Trump himself has been highly critical.
Under an unwritten rule, the bank’s presidency has always been chosen by its largest shareholder, the United States, an arrangement that also allowed European powers to name the head of the International Monetary Fund.
Nevertheless, when he was nominated for a first term in 2012, Dr Kim was the first US nominee to face a challenger when Nigeria’s Ngozi Okonjo-Iweala entered the contest for the bank’s presidency.
Perhaps warding off challengers and avoiding a repeat of 2012, the administration of former president Barack Obama in 2016 swiftly endorsed Dr Kim for a second five-year term, which began in 2017.
However, the bank’s staff association in 2016 delivered a stinging broadside, citing high levels of disaffection among its 15,000 employees, asserting that it faced a “crisis of leadership” and calling for an end to “back-room deals” over control of the institution.
World Bank staff also chafed at a widespread internal restructuring that Dr Kim began, as well as spending and staff cuts. Internal staff surveys showed rank and file frequently did not trust management or understand the direction in which the institution was headed.
- Ex-hockey captain Ibrahim Saber passes away
- Bangladeshis stuck off Tunisia disembark
- Naogaon youth admits to raping girl after killing her mother
- 3 twin sisters of Mymensingh rescued
- UN expert blames Saudi for Khasuggi Killing
- 4 charged with murder over downing of MH17
- Bangladesh made fastest growth in Asia-Pacific region
- Use your phone as a robot to avoid boring work !
- Dhaka Abahani thrash Manang Marshyangdhi 5-0
- Monkeys face climate change extinction threat
- Dubai’s Quranic Park landscape to express story of Islam!
- PCB to review cricket side, support personnel`s performance
- Upbeat Tigers take on Australia tomorrow
- SC upholds HC order on minimum age for FF
- UNO to get Pajero worth Tk 90 lakh
- Bangladesh sets global model in cutting poverty says PM in JS
- World No Tobacco Day tomorrow
- New Zealand restrict South Africa to 241
- Colorful pictures emblazon schools environment
- Govt will identify 30 lakh martyrs: PM
- Hilsa’s abundance in Padma-Meghna
- Quader asks to form new committees before national council
- 108th birth anniversary of poet Sufia Kamal tomorrow
- India opener Dhawan out of World Cup
- Govt to introduce health insurance for all: PM
- Jubo League leader stabbed dead in Madaripur
- Dr Nurun Nahar made IU law dept chairperson
- Navy Chief returns home
- Selima,Tuku in BNP’s standing committee
- ‘BD hosting 1.2 mn Rohingyas refugees from Myanmar’
- All News »
- Apurba’s younger brother commits suicide
- Akash of N’ganj made Lamborghini!
- Uber driver’s slit-throat body found in Uttara
- Shakib, Liton star as Tigers beat Windies
- Ex-Sonagazi OC Moazzem held
- Australia beat Pakistan by 41 runs
- Mila’s assistant threw acid at Sanjari’s private parts!
- Ramp up pressure on Myanmar
- Oil tanker collision in Chattogram port, closes vessels movement
- PM orders for professional skill based promotion of army men
- 53 children die in India from brain disease linked to lychee
- 8 children injured as ceiling of hospital caves in
- Finance Minister starts unveiling budget
- BGB man killed by lightning strike
- Myanmar buying weapons despite int’l arms embargoes
- England wins beating Windies
- ‘Lack of harvesting laborers results of employment opportunities’
- College girl torched in Narsingdi, 1 held
- 2 students killed in Pabna road crash
- Tigers won toss, bowl first
- Cigarette, bidi prices go up in Budget FY20
- Tk 5,23,190cr budget for FY20 unveils in Parliament
- ‘Rohingya crisis may destabilise Asia if not resolved’
- Bangladesh informs UN about Myanmar’s non-cooperation
- Facing measles outbreaks, NY bans religious vaccination exemption
- Gayle falls for duck!
- Most-detailed-ever; black hole mystery disclosure
- Caribbeans set 322-run target for Tigers
- England beat Afghanistan by 150 runs
- Cop sues wife on charge of torture for dowry