nti.media
BJP could be crushed in Uttar Pradesh in Lok Sabha elections: Opinion Poll - Moneycontrol.com      |       Piyush Goyal gets temporary charge of finance ministry, may present Budget - Times of India      |       Thackeray memorial brings CM, Shiv Sena chief together - The Hindu      |       18-year-old private tutor held for girl’s rape, murder in Ghaziabad - Times of India      |       Fact check: Claims of 'cyber expert' who alleged that EVMs can be hacked do not withstand scrutiny - Scroll.in      |       BJP claims alternative to Modi is chaos – as if the past five years in India have not been chaotic - Scroll.in      |       Indian Railways To Recruit 2,30,000 More Employees Over Next Two Years: Ministry - NDTV News      |       ISRO’s first mission of 2019 to put military satellite Microsat-R in space - The Hindu      |       Despite US govt shutdown, Donald Trump to go ahead with plans to deliver State of the Union Address, say reports - Firstpost      |       Kamala Harris raises over $1 million within 24 hours of her presidential bid announcement - The Hindu      |       Venezuela opposition leader declares himself interim president - Times of India      |       Shinzo Abe seeks rebuilding of trust in global trade systems; asks India, Europe and US to give WTO new life - Moneycontrol.com      |       Chanda Kochhar: CBI files case against former ICICI Bank chief Chanda Kochhar - Economic Times      |       Vodafone Idea board approves plan to raise Rs 25,000 cr via rights issue - afaqs      |       Moody's upgrades IDBI Bank rating on improved solvency - Moneycontrol.com      |       Airtel quietly adds a year-long Rs 998 prepaid plan, Rs 597 pack gets reborn - The Mobile Indian      |       Redmi Note 7 with 48MP primary camera teased to launch in India soon - gizmochina      |       Galaxy S10 series will come with a feature of the Huawei Mate 20 Pro - gizmochina      |       Sexy vivo Apex 2019 unveiled with no buttons, all screen fingerprint sensor - GSMArena.com      |       Motorola rolls out Android Pie update to Moto Z3, brings support for 5G Moto Mod too - gizmochina      |       Kangana Ranaut’s box office track record is a worrying sign for Manikarnika The Queen of Jhansi - Hindustan Times      |       Yami Gautam says army defines the real meaning of patriotism | Bollywood News - Times Now      |       Fresh allegations of sexual misconduct surface against Bryan Singer, director denies charges - Times of India      |       Romeo Akbar Walter: John Abraham Unveils The First Look Poster From The Film - NDTV News      |       Kohli rested for last two ODIs, T20 series - Deccan Herald      |       Australian Open women's quarterfinal roundup -- Wednesday - ESPN      |       Anderson's late carnage triggers Windies collapse on Day 1 - Cricbuzz      |       WATCH | Sarfraz Ahmed calls Andile Phehlukwayo "Abey kaale", Rameez Raja refuses to translate on air - SportsCafe      |       China clones five gene-edited monkeys - All India Radio      |       Eclipse 2019: Earthquakes hit California, Alaska, Oklahoma - were they due to Super Moon? - Express.co.uk      |       Greenland is approaching the threshold of an irreversible melt, and the consequences for coastal cities could - Business Insider India      |       Asteroid Impacts Increased Around Time of Largest Extinction Event - Geek      |       Company sells $80 used tissues so people can 'choose' when to get sick - Fox News      |       Morning Rounds: The Keto Diet - KPAX-TV      |       Health department sounds swine flu alert in Uttarakhand - ETHealthworld.com      |       Hyderabad: Bad news for exhibition goers - The Siasat Daily      |      

World


World Bank Head Quits, Trump Likely To Determine Successor

Trump's role is expected to reinvigorate challenges to Washington's monopoly on appointing the Bank's head


world-bank-head-quits-trump-likely-to-determine-successor

World Bank President Jim Yong Kim has announced that he is stepping down as the head of the premier anti-poverty institution putting the likely choice of its future leadership in the hands of US President Donald Trump, a sceptic of international development.

Trump's role is expected to reinvigorate challenges to Washington's monopoly on appointing the Bank's head.

Announcing his decision on Monday, Kim said in a tweet: "It's been the greatest privilege I could have ever imagined to lead the dedicated staff of this great institution to bring us closer to a world that is finally free of poverty."

Kim, 59, who is dropping out 19 months into his second term on February 1, would be joining a private company and focus on infrastructure investments in developing countries, the Bank said.

The Bank's CEO Kristalina Georgieva will become the interim president till a successor to Kim is appointed.

As the largest 
share-holder, the US by tradition appoints the head of the Bank, while Europeans determine the chief of the International Monetary Fund.

Kim was nominated for the job by former President Barack Obama in 2012.

Before Trump's election, Kim was hastily re-appointed in September 2016 to a second term that began in July 2017 with an eye on pre-empting a possible Trump nominee getting the job.

Now, however, Trump will get an opportunity to nominate the Bank's head.

Trump's role will resurrect and 
strengthen challenges to the post-World War II model of the leadership of the 189-member bank that has always been determined by the US.

Already the US nominee was challenged for the first time in 2012 by two contenders.

Colombian economist Jose Antonio Ocampo Gaviria eventually withdrew from the race, while Nigeria's then-Finance Minister Ngozi Okonjo-Iweala lost when the Bank's directors rubber-stamped Kim's appointment.

Now there will be robust demands for reconsidering the US leadership of the Bank and stronger non-American contenders for the job.

Kim, a South Korea-born US citizen, was an unusual leader for the Bank: He was a medical doctor by training, a specialist in public health and an academic with a Harvard doctorate in anthropology who had led the Ivy League Dartmouth College.

But his background in health was a plus for the Bank's mission of fighting poverty and promoting development.

Under his leadership, the Bank adopted in tandem with the UN the goal of ending extreme poverty by 2030 and focusing on the bottom 40
per cent of the population in the developing world.

The Bank's International Development Association, which funds programmes in the least developed countries, achieved two record replenishments during his tenure, the last one in 2016 for $75 billion.

Last April, the Bank also increased its capital by $13 billion with the unexpected support of the Trump administration.

Kim also pushed the Bank's cooperation with the private sector for financing development in the developing world, particularly in the areas of climate change and infrastructure.

China, though a part of the World Bank, has thrown a challenge to it by setting up its own development banking institutions.

The Asian Infrastructure Investment Bank (AIIB), founded in 2016 is one of those institutions and several countries including India, Germany, Britain 
and South Korea have joined it.

advertisement