Nifty99000 100%

Sensex99000 100%

Article rating: 5.0
Tags:
Article rating: 4.2
Tags:
Article rating: 4.0
Tags:
Article rating: No rating
Tags:
Article rating: 4.5
Tags:
Article rating: 5.0
Tags:
Article rating: 4.5
Tags:
Article rating: 5.0
Tags:
Article rating: 4.6
Tags:
Article rating: 4.4
Tags:
Article rating: 4.6
Tags:
Article rating: 4.0
Tags:
Article rating: No rating
Tags:
Article rating: 4.7
Tags:
Article rating: 5.0
Tags:
Article rating: 5.0
Tags:
RSS

News

World Bank Group President Jim Yong Kim to step down on Feb 1

Author: PTI/Wednesday, January 9, 2019/Categories: Global

World Bank Group President Jim Yong Kim to step down on Feb 1

Washington - World Bank President Jim Yong Kim has abruptly resigned nearly three years ahead of schedule to join a private infrastructure investment firm, setting up a potential clash between the US and other member countries over selecting the head of the world's largest development-finance institution.

His resignation will take effect from February 1.

Kim, 58, has been in this position for over six years now. He was not due to leave until 2022, after he was re-elected for a second five-year term in 2017.

"It has been a great honour to serve as President of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime," Kim said.

He will "join a firm and focus on increasing infrastructure investments in developing countries", the World Bank said on Monday.

"The work of the World Bank Group is more important now than ever as the aspirations of the poor rise all over the world, and problems like climate change, pandemics, famine and refugees continue to grow in both their scale and complexity,” Kim was quoted as saying in a World Bank press release.

"Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege," Kim said.

Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 1.

Kim, who was born in Seoul, South Korea, trained as a medical doctor. He later went on to join the World Health Organization as an adviser, later rising in ranks at the World Bank in 2012.

The World Bank said it would "immediately start the process" of appointing a replacement.

Kim's decision to quit for the private sector was described by sources close to the bank as a sudden and "personal decision" that surprised its shareholders – the 189 nations that support its work.

The abrupt resignation could prompt a clash between the Trump administration and other governments over the future of the international body.

Traditionally, the president of the Washington-based World Bank has been nominated by the US, while the head of its sister institution, the International Monetary Fund has been picked by European countries.

The practice has drawn criticism from some other nations, who have insisted the bank's focus on providing loans to developing nations requires participation by leaders from other regions.

Former president Barack Obama broke tradition in 2012 by choosing Kim.

US President Donald Trump has repeatedly voiced disdain for multilateral institutions and questioned US 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 US dominance over the global development bank, CNN said.

Under Kim's leadership, the World Bank established two goals: to end extreme poverty by 2030; and to boost shared prosperity, focusing on the bottom 40 percent of the population in developing countries. These goals now guide and inform the institution in its daily work around the globe, it said.

Print Rate this article:
1.0

Number of views (175)/Comments (0)

rajyashree guha

PTI

Other posts by PTI
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free