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Just in: Jim Yong Kim resigns as World Bank President

Just in: Jim Yong Kim resigns as World Bank President
Written by cyber1

Fresh reports reaching Cyber Reporters have it that the president of the World Bank Jim Yong Kim has announced his resignation saying he would step down in February 2019, more than three years before his current term was due to expire.

As a result, US President Donald Trump may have influence over the next choice for the position as Kim’s sis-year tenure comes to a halt.

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In a statement on Monday, 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.”

Recall that Kim became president in 2012 and will now join an unnamed firm which focuses solely on investments in developing countries.

Notable under Kim’s policy is the aim to eliminate poverty around the world by 2030. The World Bank in 2018 also won approval for a sharp $13billion capital increase after acceding to requests from the Trump administration to curb loans to high-income countries like China.

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Although, Kim’s tenure was marred by disaffection among staff of the World Bank who wanted total restructuring within the system.

World Bank CEO Kristalina Georgieva will serve as interim president upon Kim’s February 1 departure, the bank said in a statement.

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