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World Bank President Resigns

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“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” – Jim Yong Kim

The world Bank President, Jim Yong Kim, has resigned his appointment as President of the global financial institution.

His resignation was announced on Monday 7th January 2018. The statement says that Kim will step down in February.

Kim Became the President of the World Bank in a 2012 and his resignation is coming less than a year into his second term.

“The work of the World Bank Group is more important now more 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. Serving as President and helping position the institution squarely in the middle of all these challenges has been great privilege”, Kim said.

Kristalina Georgieva, the 65-year old Bulgarian and CEO of the World Bank, will serve as the interim President from February 1.

Kristalina Georgieva, World Bank CEO takes over as interim President from February 1.

Kim has announced that he will be joining a yet-to-be-named investment firm that focuses on developing countries, thus cementing his interest in building sustainable, climate-smart infrastructure in developing countries.

Furthermore, Kim said that he would be returning to the Board of Partners in Health (PIH), and organization he cofounded more than 30 years ago.

Kim said:

“I look forward to working once again with longtime friends and colleagues at PIH on a range of issues in global health and education. I will also continue my engagement with Brown University as a trustee of the Corporation and look forward to serving as a Senior Fellow at Brown’s Watson Institute for International and Public Affairs.”

Kim successor is a seasoned economist who has been CEO of the World Bank since 2017. She in the past made a bid to become the the UN Secretary-General in 2016, but was unsuccessful.