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World Bank President Jim Yong Kim to step down on February 1

World Bank President Jim Yong Kim to step down on February 1

World Bank President Jim Yong Kim has abruptly resigned nearly three years ahead of his retirement in 2022.

Jim Yong will join a private firm after stepping down from his post which will take effect on Feb 1.

58 years old Jim has been in this position for over six years now.

He was not due to leave until 2022, after he was re-elected for a second five-year term in 2017.

Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 1.

Kim, who was born in Seoul, South Korea, trained as a medical doctor. He later went on to join the World Health Organization as an adviser, later rising in ranks at the World Bank in 2012.

Clash between the US and other countries

The abrupt resignation could prompt a clash between the Trump administration and other governments over the future of the international body.

Traditionally, the president of the Washington-based World Bank has been nominated by the US, while the head of its sister institution, the International Monetary Fund has been picked by European countries.

Former president Barack Obama broke tradition in 2012 by choosing Kim.

Kim’s Contribution

Under Kim's leadership, the World Bank established two goals: to end extreme poverty by 2030; and to boost shared prosperity, focusing on the bottom 40 percent of the population in developing countries.

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