Posted August. 27, 2016 07:06,
Updated August. 27, 2016 07:22
U.S. Treasury Secretary Jacob Lew said in a statement on Thursday, “I am proud to announce that today the United States has nominated World Bank President Jim Kim for a second term. President Kim has used his first term to focus the World Bank on effectively addressing today's most pressing global development challenges in innovative ways, from ending extreme poverty and tackling inequality, to combating climate change,” explaining the reason for Washington’s decision to support his reelection. The Associated Press predicted that Jim Kim, who is being endorsed by Washington, will easily win approval from the World Bank’s board of trustees in the near future.
The president of the Washington-based World Bank is elected through decision by the bank’s board from candidates recommended by treasury ministers of its 189-member states or the bank’s trustees. However, since the U.S. holds majority stake in the bank, also known as the International Bank for Reconstruction and Development, a candidate who is recommended by Washington effectively wins the presidency.