World Bank Prez Jim Yong Kim resigns amid feud with Trump adm; to step down on Feb 1

After holding the post for as many as six years, Jim Yong Kim has made a shocking announcement of stepping down as the President of the World Bank on Monday.

Kim said that details about his new job would be released later. (Image: AFP)

Washington: After holding the post for as many as six years, Jim Yong Kim has made a shocking announcement of stepping down as the President of the World Bank on Monday. As per initial reports, his resignation will take effect from February 1, 2019. The unexpected departure of Kim, who still had 3 years term left, is said to trigger a tussle between Donald Trump administration and other countries who expressed concerns over the influence of United States exerts over World Bank. It is also being said that Kristalina Georgieva, the World Bank's chief executive officer, will assume the role of interim president. Kim told World Bank employees in an email that he was leaving the world's largest lender and donor to poor and middle-income countries on February 1 to join a private-sector firm focused on infrastructure investments in the developing world. “The opportunity to join the private sector was unexpected, but I've concluded that this is the path through which I will be able to make the largest impact on major global issues like climate change and the infrastructure deficit in emerging markets,” news agency Reuters quoted Kim mail to his World Bank employees. However, the 59-year-old economist also said that details about his new job would be released later. The former Dartmouth College president said he would also rejoin the board of Partners in Health, a health advocacy group he co-founded 30 years ago. Two people familiar with Kim's shock announcement to the World Bank executive board said he was leaving of his own accord and was ‘not pushed out’ by the Trump administration. Since its inception, seven decades ago, World Bank’s president has always been selected by the US. However, it is not sure if Washington will get to make the new selection. Several countries and advisory groups want to end Washington’s control in the bank and the current situation could also galvanize countries to fight for a change in this status quo.