Breaking: World Bank President resigns

 SMTV Desk 2019-01-08 14:27:33  Jim Yong KIm, trump,
Breaking: World Bank President resigns

Washington, January 08: Jim Yong Kim, the president of the World Bank, clarified Monday that he is resigning at the end of January.

According to details, Kim’s unexpected departure, nearly three years before his term was set to expire, is likely to set off a fierce battle between the Trump administration and other countries that have complained about the influence the United States exerts over the World Bank.

The official announcement provided no reason for his sudden departure. It will give President Trump the opportunity to nominate his choice to fill the post.The 189-nation World Bank is the largest government source for development funding, providing low-cost loans for projects around the world.

Since the creation of the World Bank at the end of World War II, its leaders have all been Americans. Its sister lending agency, the International Monetary Fund, has always been headed by a European.

Other countries, including China and other Asian nations, have complained about this pattern. The IMF, which provides emergency loans to countries in economic crisis, is currently headed by former French Finance Minister Christine Lagarde