World Bank unanimously reappoints President Jim Yong Kim
The Dollar Business Bureau
The World Bank has announced that it unanimously agreed to name Jim Yong Kim as President, World Bank for the second term. Kim was the only contender for the post and the process was criticised by World Bank staffers and campaigners as being dominated and run by the US.
Announcing his candidature, the Bank extolled Kim’s achievements such as reducing the administrative costs by $400 million and reinvesting the saved money to support the Bank’s goals, setting a goal of eliminating global poverty by 2030 and an internal process of reorganising the running of the Bank to bring about better coordination among its employees. The last of the changes didn’t go well with the employees of the Bank who wanted a change in the leadership.
Till date it has been America that chose the Presidents of World Bank since its inception after the Second World War, an unwritten rule that was accepted by other countries. It is only in 2012 that Kim had a contender in Nigeria’s Okonjo-Iweala. Kim’s nomination by the US for 2nd term was met with dissent by all the 15000 employees of the Bank as Kim was chosen unopposed for the next term beginning July 2017, to quell any chance of contenders to the post.