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Abu Dhabi, UAESaturday 23 March 2019

World Bank head to step down next month

Jim Yong Kim announced he would be stepping down and returning to the board of Partners In Health.

Dr Kim's unexpected departure nearly three years before his term was set to expire, is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the United States exerts over the World Bank. AP
Dr Kim's unexpected departure nearly three years before his term was set to expire, is likely to set off a fierce battle between the Trump administration and other countries who have complained about the influence the United States exerts over the World Bank. AP

President of the World Bank Jim Yong Kim will leave his position in February, he announced on Monday.

Dr Kim, who is leaving three years before the expiry of his second term in 2022, lead the bank for over six years, overseeing a boom in funding for projects unmatched outside of a financial crisis.

Upon announcing his sudden retirement from the role, the 59 year old said it had been “an honour” to serve as president of the global institution.

“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,” he said in a statement posted to the World Bank website.

“Serving as President and helping position the institution squarely in the middle of all these challenges has been a great privilege.”

On Twitter, the World Bank thanked Dr Kim for his leadership in “addressing some of the world’s most pressing challenges including pandemics, climate change and refugees”.

Kristalina Georgieva, World Bank CEO, will assume the role of interim president from the date of Dr Kim’s departure.

Updated: January 7, 2019 09:46 PM

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