World Bank reappoints Jim Yong Kim as President!
Q. Who was the only candidate to contest for the post of World Bank president in 2016?- Published on 28 Sep 16
a. Jim Yong Kim
b. Kim Yong Jim
c. Lim Yong Kim
d. Lim Yong Jim
ANSWER: Jim Yong Kim
World Bank has reappointed President Jim Yong Kim as he was the only candidate in a process criticised by the World Bank staff and campaigners as lacking transparency and dominated by the United States.
- Bank’s board offered a strong endorsement of Kim’s record including setting the goal of eliminating extreme global poverty by 2030 and an internal reorganisation to promote better coordination which provoked staff dissent
- Board also said an effort under Kim to cut bank spending reduced administrative costs by USD 400 million, money then reinvested to support the bank’s goals.
- Expenditure review is on track, allowing the organisation to increase its support for countries and focusing on delivering results more quickly
- The Bank’s largest shareholder has chosen all World Bank presidents since the creation of the institution in the 1940s- this is the United States
- Kim was the first US nominee to face a challenger when Nigeria's Ngozi Okonjo-Iweala entered the contest.
- Kim received the US endorsement almost immediately after the window for nominations for the term beginning next July opened, perhaps warding off challengers and avoiding a repeat of 2012.
- Bank’s staff association held that WB faced a crisis of leadership