World Bank president Jim Yong Kim announces resignation

 Jim Yong Kim, president of World Bank, anunced on Monday, he is resigning at end of January.

Kim’s unexpected departure three years before his term was set to expire is likely to set off a fierce battle between Trump ministration and or countries who have complained about influence United States exerts over World Bank.

In a letter to bank staff, Kim said that he has long believed that key to bridging gap between massive financing needs of developing countries and amount of support available was to work with private sector.

“I have refore decided that it’s time for me to take on new challenges and fully focus my efforts on leveraging private finance for benefit of people around work,” Kim said in his te to staff.

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Kim’s departure will give President Donald Trump opportunity to minate his own choice to fill World Bank post.

189-nation World Bank is largest government source for development funding, providing low-cost loans for projects around world.

Since creation of World Bank at end of World War II, its leers have all been Americans. Its sister lending ncy, International Monetary Fund, has always been heed by a European.

Or countries, including China and or Asian nations, have complained about this pattern. IMF, which provides emergency loans to countries in ecomic crisis, is currently heed by former French Finance Minister Christine Lagarde.

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Kim, former he of Dartmouth College, was first tapped by former President Barack Obama to le World Bank in 2012. He was minated by Obama for a second term in August 2016. That term would have ended on June 30, 2022.

In his resignation statement, Kim said that in dition to joining a firm that will focus on increasing infrastructure investments in developing countries, he will also rejoin Partners in Health, an organization he co-founded more than 30 years ago to provide medical support to poor nations.

World Bank said Kim will be succeeded Feb. 1 on an interim basis by Kristalina Georgieva, its chief executive officer and bank’s executive board would immediately start process for selecting a permanent successor to Kim.

“It has been a great hor to serve as president of this remarkable institution, full of passionate individuals dedicated to mission of ending extreme poverty in our lifetime,” Kim said.

Kim’s permanent successor will be decided by World Bank’s board of directors. United States is largest shareholder in bank, which is hequartered in Washington.

Treasury Secretary Steven Mnuchin looks forward to working with or countries on bank’s 24-member executive board to select Kim’s successor, a Mnuchin spokesperson said.

Kim, World Bank’s 12th president, faced a number of crises during his tenure, including marshalling resources to deal with Syrian refugee crisis.

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