World Bank President announces resignation

World Bank President Jim Yong Kim announced on Monday that he would step down next month, more than three years before his current term was due to expire. The decision ends Mr. Kim’s six-year tenure and may give U.S. President Donald Trump decisive influence over the future leadership of the global development lender. “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,” Mr. Kim said in a statement. Mr. Kim, who became President in 2012, is to join an as-yet unnamed firm focussing on investments in developing countries, the bank said in a statement, and will return to the board of Partners-in-Health, which he co-founded. World Bank CEO Kristalina Georgieva will serve as interim President.

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