World Bank President to Step Down February 1

• World Bank President to Step Down February 1

World Bank Group President, Jim Yong Kim, on Monday, announced that he would be stepping down from his position after more than six years in which the institution’s shareholders provided strong support to multiple initiatives to ensure that the Bank Group retained strong leadership in the world of global development.

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

“The work of the World Bank Group is more important now than ever as the aspirations of the poor rise all over the world, and problems like climate change, pandemics, famine and refugees continue to grow in both their scale and complexity. Serving as president and helping position the institution squarely in the middle of all these challenges has been a great privilege.”

According to the statement, under Kim’s leadership, and with the backing of the Bank Group’s 189 member countries, the institution in 2012 established two goals: to end extreme poverty by 2030; and to boost shared prosperity, focusing on the bottom 40 per cent of the population in developing countries.

These goals now guide and inform the institution in its daily work around the globe, it added.

“In addition, shareholders strongly supported measures to ensure that the Bank Group be even better positioned to respond to the development needs of clients,” the statement added.