The board of the World Bank has unanimously agreed to name Jim Yong Kim to a second term as president, the global lender announced on Wednesday. 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.
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.