June 25, 2019

World Bank President Jim Yong Kim resigns

07 January 2019, 11:12 | Hattie Nash

World Bank President Jim Yong Kim resigns

World Bank President Jim Yong Kim resigns

Trump has repeatedly voiced disdain for multilateral institutions and questioned U.S. foreign aid commitments, making it likely his authority to name a new president will be challenged by emerging economies that have in recent decades grown increasingly opposed to USA dominance over the global development bank.

The decision ends Kim's six-year tenure and may give US President Donald Trump decisive influence over the future leadership of the 189-member global development lender.

Kristalina Georgieva, the lender's second in command, will take over as interim president on February 1, the Washington-based bank said Monday in a statement. It has since focused on alleviating extreme poverty around the world.

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Last year, it also won approval for a sharp $13 billion capital increase after acceding to requests from the Trump administration to curb loans to high-income countries like China.

The Trump administration has enjoyed a close working relationship with Kim.

As World Bank President since July 2012, the outgoing World Bank Group head noted infrastructure finance as one of the greatest needs in the developing world.

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When Kim was appointed by President Barack Obama, the report added, he faced major opposition from Nigeria - the first time since the bank's founding that a candidate faced such a challenge.

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

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