World Bank President Resigns

Jim Yong Kim, the President of the World Bank, announced on Monday, January 7, that he will step down from his position before the end of his term at this international institution, stating that he will resign by the end of this month. According to Reuters, Jim Yong Kim, whose presidency was set to end in 2022, acknowledged that he had disagreements with the Donald Trump administration on issues such as climate change and resources. Jim Yong Kim was appointed as President of the World Bank in 2012 by former U.S. President Barack Obama. Reuters reports that Jim Yong Kim has tried to avoid publicly opposing Trump since he took office, even as Trump sought to revive coal use by changing Washington's policies on fossil fuel usage. In an email to World Bank employees, Kim announced that he would resign on February 1 of this year and would move to the private sector, focusing more on investment in the infrastructure of developing countries. Jim Yong Kim wrote, 'Joining the private sector was unexpected for me, but I have come to the conclusion that this is a path where I can have the most impact on global issues such as climate change and infrastructure shortages in emerging markets.' Meanwhile, the World Bank announced that Kristalina Georgieva, the bank's executive director, will serve as interim successor to Jim Yong Kim until a new President is appointed. Kristalina Georgieva is a Bulgarian citizen and has previously held positions in the European Union. Two sources informed Reuters that Jim Yong Kim resigned from the presidency of the World Bank by his own decision and was not under pressure to step down. Traditionally, the presidency of the World Bank is selected by the United States, and Kim, a Korean-American citizen, was appointed to this position by the U.S. government in 2012. He was reappointed to this position in 2017 and was expected to serve until 2022.