Jim Young Kim leaves World Bank in Middle of Term

World Bank President Jim Young Kim announced today that he will be leaving his position on February 1st, starting a possible succession battle between the United States and other member states over who will head the largest development-finance institution. Jim Young Kim had another three years before his term was set to expire. Kristalina Georgieva, the current CEO of the World Bank, will become interim president once Jim Young Kim officially steps down.

Since the creation of the IMF and World Bank, an American has always headed the World Bank and a European has always headed the IMF in a gentleman’s agreement setup under the creation of the two Brentwood institutions. With the sudden departure of the World Bank president, President Trump and his team will be responsible for electing another leader to the organization.

Given the anti-globalist tilt of the President and his administration, the fundamental differences between what the Bank sets out to do and the President may come to a head, disturbing the steady ascension of U.S. leadership at the World Bank. Many countries and advocacy groups have pushed for an end to U.S. dominance at the World Bank prior to this exit. This departure will be sure to renew efforts to stave off a Trump nomination there.