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.
- Nationwide prog on Bangabandhu’s birth centenary
- Man killed in Paltan road crash
- Levitating objects with light
- Movement of Suprobhat, Jabal-e-Noor buses suspended
- 300 ‘Su-Probhat’ buses on road; appro70 only
- Cucsu polls to be held soon
- 2 buses collision kills 3 in Sirajganj
- 2 burnt in Ctg gas line explosion
- No exam till class-III
- 4yrs minor girl raped by ‘uncle’
- Biz ldrs oppose Govt’s gas price hike plan
- US-Bangla starts Chennai flights from March 31
- Ershad’s 90th Birthday celebrated
- 1,221 recommended for cadre posts
- Indian investors interested to energy sec
- HC bans making film, drama on Jaha Alam
- BIWTA thrashes 185 illegal structures
- 9th span of Padma Bridge to be installed tomorrow
- Students call off movement till March 28
- India beat Bangladesh to raced into SAFF final
- Doctor jailed using own sperm fertilizing more than 50 women
- Farhad, Saif powers Doleshwar to easy victory
- Ducsu AGS with student movement
- Suprobhat Paribahan driver put on 7-day remand
- Ardern calls for global anti-racism fight
- Arrest warrant issued against Khaleda in another case
- Fake notes of Tk 8 lakh seized: 4 held
- Not full adults until 30s: Sci
- Super worm moon to rise tmrw
- 4 to die for killing sibling farmers in M’singh
- All News »
- Ex-JaPa leader Mohsen Rashid joins Gono Forum
- Dhaka-Kolkata Ship service starts March 29
- Maize production likely bumper in Rangpur
- Registration of Shuprovat Paribahan bus cancelled
- Man held with shotgun at Dhaka airport
- Hidden meaning of writing on the rifle..
- BCB has no problem with Shakib`s IPL participation
- Man’s mobile phone protects him from ‘arrow attack’
- PM invites newly elected Ducsu leaders
- Local AL leader shot dead in Rangamati
- Students again on road with ‘We want Justice’
- Indonesia floods, mudslides: death toll rises to 89
- 7 incl presiding officer shot dead in Rangamati
- Dutch-Bangla service to be closed for 5 days
- ‘Send cricket team to ensure security in future’
- Attack suspect Brenton Tarrant appears in court
- BUP student killed in Narda road crash, sparks protest
- AL leader stabbed dead in Sunamganj
- Monali’s Dhaka concert postponed
- First Bangladeshi girl in UN`s Education Conference
- NZ PM vows never to say gunman`s name
- National SME fair begins
- Drug trader killed in Meherpur gunfight
- 100th birthday of Bangabandhu celebrated
- Protest continues demanding justice for Abrar
- VP Noor urges Rokeya’s Provost to resign
- 12th death anniversary of Rana today
- Rain with gusty wind likely
- NZ mosque attack leaves 27 dead, Tigers scattered
- Tigers left New Zealand