World Bank unanimously re-appoints Jim Yong Kim as President

The World Bank unanimously reappointed Jim Yong Kim to a second five-year term as president of the multilateral development. 

Jim Yong Kim, world bank news, Jim Yong Kim news

Jim Yong Kim, an American citizen, was chosen by the bank’s executive directors. Kim is a public-health official and former president of Dartmouth College.

Mr Kim became the 12th President of the World Bank on July 1, 2012. In his first term, Mr. Kim worked on reforms that included reorganizing and cutting the staff, which created a demoralized work force of thousands. Employees at the World Bank decided to write an unusual letter to the board, saying that the institution was “experiencing a crisis of leadership.”

Despite of all this, the bank said that after review of expenses incurred, it was found that expenses had reduced administrative costs by $400 million, with some of the savings redirected to its programs.

It has been believed from many years that due to an unwritten rule, since the World Bank was created in the wake of World War II to help rebuild the global economy, its leader has always been an American chosen by Washington.

The Bank stressed that reason for the reappointment was that Mr. Kim encouraged the institution to ramp up its work on climate change, both in intellectual leadership and in financing, with an announcement in the fall of 2015 to increase climate financing potentially to 28 per cent of total commitments by 2020, based on client demand.

Mr. Kim also pointed to this year’s IDA-18 replenishment and the need to ensure that they mobilize record funds for the underdeveloped countries and with the support of donors, develop innovative ways to leverage scarce development resources.

The World Bank said Mr. Kim’s second term will begin on July 1, 2017. Kim asserted that harnessing the expertise, knowledge and financial shortage of the Bank’s world-class staff is preliminary to achieve the Bank’s goals. 

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