World Bank President Steps Down

Question: Consider the following statements with reference to World Bank:
1) World Bank Group President Jim Yong Kim announced his resignation from the post on January 7
2) He is the 14th President of World Bank
3) He was nominated in 2012 by US
4) World Bank CEO will assume the role of interim President
Correct option:

(a) 1, 3 and 4
(b) 1, 2 and 3
(c) 2, 3 and 4
(d) All of the above.
Answer: (a)
Related facts:

  • World Bank President Jim Yong Kim on 7th January, 2019, announced his resignation from the post. This announcement will take effect from 1st February, 2019, much before his term which would have ended in 2022. World Bank CEO Kristalina Georgieva (World Bank CEO) will be interim President from February 1.
  • Jim Yong Kim, a Korean-American anthropologist was elected as the 12th President of World Bank for the first time in July 2012 and later got re-elected in September 2016 for the second five year term. Jim Yong Kim succeeded Robert Zoellick. He was nominated by the then US President Barak Obama which is the largest stakeholder of this multilateral financial institution.
  • Jim leaded the organization for setting two goals in 2012: to end extreme poverty by 2030 and to boost shared prosperity, focusing on the bottom 40% of the population in developing countries. These goals works as guidelines in the works of institution.
  • World Bank under his leadership is now supported strongly by stakeholders for its better positioned to respond to the development needs as the Bank Group Fund for the Poorest achieved two successive record replenishments. The Bank Group`s Governors also approved $13 billion capital increase in IBRD and IFC allowing the bank to support countries in reaching their development goals while responding to crisis.

World Bank:

  • World Bank is the world`s largest development institution helping countries in their developmental needs by offering loans and advice. It is headquartered in Washington, US.
  • It was founded in July 1944 as International Bank for Reconstruction and Development soon called the World Bank. It was originally created to aid countries devastated in World War II.


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