World Bank President, Kim resigns

US President Donald Trump looks on during a discussion after delivering his speech during the World Economic Forum annual meeting

US President Donald Trump looks on during a discussion after delivering his speech during the World Economic Forum annual meeting

Two people familiar with Mr Kim's announcement to the World Bank executive board said he was leaving of his own accord and was "not pushed out" by the Trump administration.

Under his Presidency of the Group, Mr Kim said the World Bank set the target of ending extreme poverty by 2030 and to grow shared prosperity, by focusing on the 40 percent of the population in developing countries.

World Bank staff also chafed at a widespread internal restructuring that Kim began, as well as spending and staff cuts.

In April 2018, the Bank Group's Governors overwhelmingly approved a historic USD$13 billion capital increase for IBRD and IFC that will allow the Bank Group to support countries in reaching their development goals while responding to crises such as climate change, pandemics, fragility, and underinvestment in human capital around the world.

The US is the largest shareholder in the development lender, which was conceived during the Second World War to finance the reconstruction of Europe but has since focused on alleviating extreme poverty around the world.

Canadian teenager Bianca Andreescu reaches her first WTA final at ASB Classic
Canada's standing in world tennis took another giant leap forward today thanks to an 18-year-old from Mississauga. My goal was only to qualify and maybe get a couple of rounds in, but now I've beaten a couple of top players.

David Malpass, the Treasury's undersecretary for global affairs, has questioned the need for additional resources for the World Bank and other worldwide financial institutions, arguing instead that the lenders should focus more of their resources on poorer countries and lend less to middle-income countries such as China.

Those same developing countries have become "increasingly opposed to USA dominance over the global development bank", the report added.

It is unclear if both candidates will put themselves up to succeed Kim in 2019.

But some nations have been pushing for a representative from emerging markets.

"I might have even appointed him", Trump said of the Korean-born and Iowa-raised leader at the 2017 G20 summit in Germany, "but I didn't". He has a medical degree and a PhD in anthropology from Harvard.

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