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World Bank reappointed its president for a second term

World Bank reappointed its president for a second termThe board of the World Bank has unanimously agreed on Tuesday to appoint Jim Yong Kim to a second term as president.

Kim had been the only candidate in a process criticised by World Bank staff and campaigners as lacking in transparency and dominated by the United States.

Kim, an American citizen, was chosen by the bank's executive directors for a five-year term that begins on July 1, 2017, the World Bank said in a statement.

In a statement announcing the decision, the 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.

The board also said an effort under Kim to cut bank spending had reduced administrative costs by 400 million, money then reinvested to support the bank's goals.

"Chairs expressed satisfaction that this Expenditure Review is on track, allowing the organisation to increase its support for countries and focus on delivering results more quickly," the statement said.

Kim’s reappointment had been widely expected after the Obama administration submitted its pick in August. That nomination — along with support from other countries like Brazil, China and France — appeared to have turned away any other would-be nominees.
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