Yorbing Staff January 11, 2019
Jim Yong Kim left due to fundamental differences with the Trump administration over environmental policies. –CNBC
Financial Times, Jan 8, 2019
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The storms that surrounded Jim Yong Kim’s successful bids for the top job at the World Bank in 2012 and 2016 may pale in comparison to the one that lies ahead. Mr Kim, a Korean-American academic, on Monday stunned the world of development finance by announcing he would leave his post as World Bank president in less than four weeks, moving to a private sector firm where he will focus on infrastructure investments in developing countries. The sudden departure more than three years ahead of schedule tees up a battle between the Trump administration, which will have the central role in choosing his replacement, and critics seeking to break the US stranglehold on the World Bank presidency. It will be an immediate test of the White House’s highly sceptical approach to multilateral institutions, especially one such as the World Bank that works closely with China and enthusiastically finances climate change projects. The US will probably seek to retain its grip on World Bank appointments, observers say, especially after the White House unexpectedly backed a capital increase for the lender last year.