Jim Yong Kim, unexpectedly announces his resignation as the President of the World Bank Monday January 7, 2019. His resignation takes effect on February 1, 2019, three clear years ahead of his term expiration.
Dr. Kim who became the President of the Bretton Woods Institutions in July 2012 and was appointed to another term lasting till 2021 intends to work with a private investment firm.
Kristalina Georgieva, the current CEO of the World Bank, will step in as interim president effective February 1.
The private investment firm Kim will be joining hasn’t been named.
But his departure will give US President Donald Trump the opportunity to choose his successor. The US has always been the country that chooses who heads the World Bank, however in 2012, Nigeria and Colombia threw a challenge to the US dominance by putting up candidates. The US candidate however, as always got the final nod.
Would there be another challenge to America’s dominance in selecting who becomes the new World Bank President this time?
There is a school of thought that argues that other countries should be given the chance to select the President of the World Bank.
By Emmanuel K. Dogbevi