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World Bank President Resigns

WASHINGTON – President of the World Bank, Jim Yong Kim, announced that he was retiring from the head of the World Bank, which caused a shock wave in the international aid community, daily Guardian reported Tuesday.
He will leave on February 1st, three and a half years before the expiry of his term in 2022.
The World Bank, Washington-based organization, is one of the largest donors in developing countries, and while many of its policies have been controversial, it is credited with supporting huge infrastructure projects in Asia, Africa, South Africa, and South America since its creation after the Second World War.
Kim’s decision to leave the private sector was described by sources close to the bank as a sudden and personal decision that surprised its shareholders – the 189 countries that support its work.
The World Bank Group is more important than ever as the aspirations of the poor grow worldwide and issues such as climate change, pandemics, famine and refugees continue to grow and to become more complex, Kim said.
However, in a letter to staff that may be perceived as a veiled critique of the organization, the 59-year-old said: “The opportunity to join the private sector was unexpected, but I concluded that it was the way to go. that I will be able to have the greatest impact on major global issues such as climate change and the emerging market infrastructure deficit. “
Only last month, Kim announced that the organization would release about $200 billion to fund climate change action by 2021-2025 to help countries adapt to the effects of global warming and climate change to reduce their greenhouse gas emissions.
Presidents of the United States have traditionally appointed the President of the World Bank, while European governments normally appoint the Managing Director of the International Monetary Fund.
Former US president Barack Obama chose Kim in 2012 to replace Robert Zoellick, a former US government official.
Kim’s abrupt resignation gives Donald Trump the opportunity to name a successor. He could turn to Bulgarian national Krista Lina Georgieva, chief executive of the bank, who will act as interim president when Kim leaves. This highly respected official was a European commissioner and chief financial officer of the EU before moving to Washington.
Prior to Kim’s appointment, the bank had defined criteria for the appointment of future chairs, designed to exclude staff with little experience in managing large organizations or lacking relevant experience, particularly in developing countries.
However, it is expected that Trump will use his effective veto to ensure the succession of a close adviser or politician.
A senior official from an international charity, who asked to remain anonymous, said he feared that World Bank aid would be seriously affected if the appointment became a political football.
“It’s an American nomination that is not necessarily meritocratic. This is something that the Trump administration controls and should be a source of concern, “he added.
Kim said his accomplishments included persuading member countries of the board of governors, including the United States, to increase the bank’s investment budget by $13 billion last year. He said poverty in the world had decreased and the bank was on track to achieve its goal of eradicating extreme poverty by 2030.
Last year, however, the bank was forced to admit that progress had slowed down and more efforts needed to be made to reach the target. Poverty in large parts of sub-Saharan Africa has also increased as aid efforts have failed to cope with a dramatic increase in the population in the region.
At the same time, detractors of this institution have pointed out that the reduction of poverty in the world in recent decades is largely attributable to the internal politics of Communist China.
(Sahar News Monitoring Desk)

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