Move FM Global News

WASHINGTON DC – In a shock move the president of the World Bank has announced he is to step down more than 3 years ahead of schedule.

Jim Yong Kim’s early departure, after more than six years in the job, will mean current U.S. President Donald Trump will get to choose his successor.

In the meantime, the current CEO of the bank, Kristalina Georgieva (pictured right with Mr Kim) will take over as interim president in 3 weeks time, from 1st February.

“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,” Kim said Monday.

During his term, which began in July 2012, President Kim, 59, emphasized that one of the greatest needs in the developing world was more international funding for infrastructure, and he pushed the World Bank to work with private sector partners committed to building sustainable, climate-smart infrastructure in developing countries.

Under his leadership, and with the backing of the Bank Group’s *189 member countries, the World Bank provided financing at levels never seen outside of a financial crisis and set two goals for the bank: to end extreme poverty by 2030, and to boost shared prosperity, focusing on the bottom 40% of the population in developing countries. These goals now guide and inform the institution in its daily work around the globe.

Mr. Kim’s tenure which began in 2012 saw the World Bank launch several new innovative financial instruments, including facilities to address infrastructure needs, prevent pandemics, and help the millions of people forcibly displaced from their homes by climate shocks, conflict, and violence. The Bank is also working with the United Nations and leading technology companies to implement the Famine Action Mechanism, to detect warning signs earlier and prevent famines before they begin.

On leaving the World Bank, Kim says he will join a company and focus on increasing infrastructure investments in developing countries.  The details of this new position will be announced shortly. He will also be re-joining the board of Partners In Health (PIH), a not-for-profit organization he co-founded more than 30 years ago.

The new World Bank president will officially be chosen by the bank’s Board of Executive Directors, however the tradition has been that the successful  candidate is nominated by the President of the United States. In this respect, current President Donald Trump, a foe of foreign aid, will take charge of the selection process. Trump has reportedly ernjoyed a good relationship with Kim, describing him in the past as a ‘friend’ and ‘a greay guy.’

*Following is the list of 189 member countries of the World Bank, and the date they joined:

Afghanistan, Jul 14, 1995

Albania, Oct 15, 1991

Algeria, Sep 26, 1963

Angola, Sep 19, 1989

Antigua and Barbuda, Sep 22, 1983

Argentina, Sep 20, 1956

Armenia, Sep 16, 1992

Australia, Aug 5, 1947

Austria, Aug 27, 1948

Azerbaijan, Sep 18, 1992

Bahamas, The Aug 21, 1973

Bahrain, Sep 15, 1972

Bangladesh, Aug 17, 1972

Barbados, Sep 12, 1974

Belarus, Jul 10, 1992

Belgium, Dec 27, 1945

Belize, Mar 19, 1982

Benin, Jul 10, 1963

Bhutan, Sep 28, 1981

Bolivia, Dec 27, 1945

Bosnia and Herzegovina, Feb 25, 1993

Botswana, Jul 24, 1968

Brazil, Jan 14, 1946

Brunei Darussalam, Oct 10, 1995

Bulgaria, Sep 25, 1990

Burkina Faso, May 2, 1963

Burundi, Sep 28, 1963

Cabo Verde, Nov 20, 1978

Cambodia, Jul 22, 1970

Cameroon, Jul 10, 1963

Canada, Dec 27, 1945

Central African Republic, Jul 10, 1963

Chad, Jul 10, 1963

Chile, Dec 31, 1945

China, Dec 27, 1945

Colombia, Dec 24, 1946

Comoros, Oct 28, 1976

Congo, Democratic Republic of, Sep 28, 1963

Congo, Republic of, Jul 10, 1963

Costa Rica, Jan 8, 1946

Cote d’Ivoire, Mar 11, 1963

Croatia, Feb 25, 1993

Cyprus, Dec 21, 1961

Czech Republic, Jan 1, 1993

Denmark, Mar 30, 1946

Djibouti, Oct 1, 1980

Dominica, Sep 29, 1980

Dominican Republic, Sep 18, 1961

Ecuador, Dec 28, 1945

Egypt, Arab Republic of, Dec 27, 1945

El Salvador, Mar 14, 1946

Equatorial Guinea, Jul 1, 1970

Eritrea, Jul 6, 1994

Estonia, Jun 23, 1992

Eswatini, Sep 22, 1969

Ethiopia, Dec 27, 1945

Fiji, May 28, 1971

Finland, Jan 14, 1948

France, Dec 27, 1945

Gabon, Sep 10, 1963

Gambia, The, Oct 18, 1967

Georgia, Aug 7, 1992

Germany, Aug 14, 1952

Ghana, Sep 20, 1957

Greece, Dec 27, 1945

Grenada, Aug 27, 1975

Guatemala, Dec 28, 1945

Guinea, Sep 28, 1963

Guinea-Bissau, Mar 24, 1977

Guyana, Sep 26, 1966

Haiti, Sep 8, 1953

Honduras, Dec 27, 1945

Hungary, Jul 7, 1982

Iceland, Dec 27, 1945

India, Dec 27, 1945

Indonesia, Apr 13, 1967

Iran, Islamic Republic of, Dec 29, 1945

Iraq, Dec 27, 1945

Ireland, Aug 8, 1957

Israel, Jul 12, 1954

Italy, Mar 27, 1947

Jamaica, Feb 21, 1963

Japan, Aug 13, 1952

Jordan, Aug 29, 1952

Kazakhstan, Jul 23, 1992

Kenya, Feb 3, 1964

Kiribati, Sep 29, 1986

Korea, Republic of, Aug 26, 1955

Kosovo, Jun 29, 2009

Kuwait, Sep 13, 1962

Kyrgyz Republic, Sep 18, 1992

Lao People’s Democratic Republic, Jul 5, 1961

Latvia, Aug 11, 1992

Lebanon, Apr 14, 1947

Lesotho, Jul 25, 1968

Liberia, Mar 28, 1962

Libya, Sep 17, 1958

Lithuania, Jul 6, 1992

Luxembourg, Dec 27, 1945

Macedonia, FYR of, Feb 25, 1993

Madagascar, Sep 25, 1963

Malawi, Jul 19, 1965

Malaysia, Mar 7, 1958

Maldives, Jan 13, 1978

Mali, Sep 27, 1963

Malta, Sep 26, 1983

Marshall Islands, May 21, 1992

Mauritania, Sep 10, 1963

Mauritius, Sep 23, 1968

Mexico, Dec 31, 1945

Micronesia, Federated States of, Jun 24, 1993

Moldova, Aug 12, 1992

Mongolia, Feb 14, 1991

Montenegro, Jan 18, 2007

Morocco, Apr 25, 1958

Mozambique, Sep 24, 1984

Myanmar, Jan 3, 1952

Namibia, Sep 25, 1990

Nauru, Apr 12, 2016

Nepal, Sep 6, 1961

Netherlands, Dec 27, 1945

New Zealand, Aug 31, 1961

Nicaragua, Mar 14, 1946

Niger, Apr 24, 1963

Nigeria, Mar 30, 1961

Norway, Dec 27, 1945

Oman, Dec 23, 1971

Pakistan, Jul 11, 1950

Palau, Dec 16, 1997

Panama, Mar 14, 1946

Papua New Guinea, Oct 9, 1975

Paraguay, Dec 28, 1945

Peru, Dec 31, 1945

Philippines, Dec 27, 1945

Poland, Jun 27, 1986

Portugal, Mar 29, 1961

Qatar, Sep 25, 1972

Romania, Dec 15, 1972

Russian Federation, Jun 16, 1992

Rwanda, Sep 30, 1963

Samoa, Jun 28, 1974

San Marino, Sep 21, 2000

Sao Tome and Principe, Sep 30, 1977

Saudi Arabia, Aug 26, 1957

Senegal, Aug 31, 1962

Serbia, Feb 25, 1993

Seychelles, Sep 29, 1980

Sierra Leone, Sep 10, 1962

Singapore, Aug 3, 1966

Slovak Republic, Jan 1, 1993

Slovenia, Feb 25, 1993

Solomon Islands, Sep 22, 1978

Somalia, Aug 31, 1962

South Africa, Dec 27, 1945

South Sudan, Apr 18, 2012

Spain, Sep 15, 1958

Sri Lanka, Aug 29, 1950

St. Kitts and Nevis, Aug 15, 1984

St. Lucia, Jun 27, 1980

St. Vincent and the Grenadines, Aug 31, 1982

Sudan, Sep 5, 1957

Suriname, Jun 27, 1978

Sweden, Aug 31, 1951

Switzerland, May 29, 1992

Syrian Arab Republic, Apr 10, 1947

Tajikistan, Jun 4, 1993

Tanzania, Sep 10, 1962

Thailand, May 3, 1949

Timor-Leste, Jul 23, 2002

Togo, Aug 1, 1962

Tonga, Sep 13, 1985

Trinidad and Tobago, Sep 16, 1963

Tunisia, Apr 14, 1958

Turkey, Mar 11, 1947

Turkmenistan, Sep 22, 1992

Tuvalu, Jun 24, 2010

Uganda, Sep 27, 1963

Ukraine, Sep 3, 1992

United Arab Emirates, Sep 22, 1972

United Kingdom, Dec 27, 1945

United States, Dec 27, 1945

Uruguay, Mar 11, 1946

Uzbekistan, Sep 21, 1992

Vanuatu, Sep 28, 1981

Venezuela, Republica Bolivariana de, Dec 30, 1946

Vietnam, Sep 21, 1956

Yemen, Republic of, Oct 3, 1969

Zambia, Sep 23, 1965

Zimbabwe, Sep 29, 1980