American President of the World Bank, Jim Yong Kim, is set to continue his leadership of the global apex bank with his second term in office commencing July 1, 2017.
Yong Kim was unanimously endorsed by Executive Directors of the World Bank on September 27, 2016 who cited the achievements of Bank Group staff and management during Dr. Kim’s first four years in office, and recognized his leadership and vision. They further acknowledged several accomplishments the institution has achieved during this time with strong Board support.
The President, who was unopposed for his second term, also got an invaluable endorsement by the US Treasury Department. His inevitable re-appointment follows in the trend set by sister body, the International Monetary Fund whose Executive Directors also endorsed the Managing Director, Christine Lagarde for a second term in office which began July 5, 2016.
A medical doctor and former president of Dartmouth College, Kim won plaudits for mobilizing the Bank against the 2014 Ebola crisis in West Africa and taking action against climate change, as well as for setting a goal of eradicating extreme poverty by 2030 while expanding World Bank lending.
But he also had to contend with a high degree of internal dissent, stemming from an unpopular reorganization and a controversy in 2014 over bonuses granted to senior Bank officials.
The Economist and Financial Times also opposed automatically reappointing Kim and called for a more open process.
Notwithstanding, poor and developing countries still backed the American, 56, who will sit for interviews with the Bank’s board before being formally crowned next month.
The World Bank comprises 189 member states and employs 15,000 people.
