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Jim Yong Kim

World Bank President Jim Yong Kim announces resignation

WASHINGTON: The 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 Trump 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.…

Global moot to discuss challenges to globalization from Trump, Europe populists

WASHINGTON: In annual financial moot of the International Monetary Fund (IMF) and the World Bank heree the World finance leaders have defended globalisation against the policies of U.S. President Donald Trump and European populists. They argued that blocking free trade would hobble economic growth instead of saving jobs from foreign competition. World Bank President Jim Yong Kim told media-persons that free trade and more openness were “critical for the future of the world.” Christine Lagarde, the managing director of…

World Bank, IMF challenged by anti-globalization wave

WASHINGTON: World Bank and IMF leaders on Thursday confronted the rising unpopularity of globalization while urgently calling on countries to stimulate more equal economic growth. "My message to the members of the IMF tomorrow will be, 'Action, please,'" Lagarde told reporters in Washington at the opening of the annual meetings of International Monetary Fund and World Bank. But, faced with a surge of anti-free trade sentiment in the United States, Europe and elsewhere, Lagarde warned that now was not the time to close the…

World can learn much from Pakistan, says WB president

ISLAMABAD: World Bank Group (WBG) President Jim Yong Kim says Pakistan has a great opportunity to become more ambitious in reforming its economy so that more people are lifted out of poverty more quickly and prosperity is more widely shared among its people.

World Bank to cut net 250 jobs

WASHINGTON: World Bank President Jim Yong Kim announced a net 250 job cuts Thursday -- the first major job reductions under his reorganization plans at the bulked-up development bank.