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Jim Yong Kim Steps Down As World Bank’s President

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World Bank President Jim Yong Kim announced Monday he would step down next month , more than three years before his current term was due to expire.

The decision ends Kim’s six-year tenure and may give US President Donald decisive influence over the future leadership of the global development lender .

“ It has been a great honor to serve as president of this remarkable institution, full of passionate individuals dedicated to the mission of ending extreme poverty in our lifetime ,” Kim said in a statement.

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Kim, who became president in 2012, is
to join an as – yet unnamed firm focusing on investments in developing countries , the bank said in a statement, and will return to the board of Partners – in –
Health, which he co- founded.

Under Kim’s leadership, the bank set the goal of eliminating extreme poverty by 2030 and ramped up financing . Last year, it also won approval for a sharp $ 13 billion capital increase after acceding to requests from the Trump administration to curb loans to high- income countries like
China.

Kim ’s tenure was also marked by high levels of disaffection among World Bank staff , who chafed at a widespread
internal restructuring that Kim began .
World Bank CEO Kristalina Georgieva will serve as interim president upon Kim ’s February 1 departure , the bank said in a statement.

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