Tuesday, Jan 22, 2019

World Bank president's resigns

World Bank president's resigns
08 Jan
2019

World Bank President Jim Yong Kim abruptly resigned nearly three years ahead of schedule on Monday, setting up an opening for President Donald Trump to fill -- and a potential clash with other countries over the long-standing practice of the US making the appointment.

Trump has repeatedly voiced disdain for multilateral institutions and questioned US foreign aid commitments, making it likely his authority to name a new president will be challenged by emerging economies that have in recent decades grown increasingly opposed to US dominance over the global development bank.
The White House did not immediately say on Monday whether Trump plans to name a new president or provide a list of potential candidates.
The Trump administration has enjoyed a close working relationship with Kim. Ivanka Trump, the President's daughter and senior adviser, developed a woman's entrepreneurship initiative in partnership with the World Bank in 2017 with the goal of providing more than $1 billion in financing for small-business owners.

CNN