Jim Yong Kim heads for second term as World Bank president

Jim Yong Kim is heading for another five-year term as president of the World Bank after no other candidates emerged during a hurried nomination process.Sign up By signing up you confirm that you have read and agree to the terms and conditions, cookie policy and privacy policy. But critics warn that both Mr Kim and the World Bank’s legitimacy risk being further damaged by the US’s decision

to speed through the Korean-born American’s reappointment before President Barack Obama leaves office early next year. They also argue that the lack of other candidates is a symptom of how many big emerging economies such as China are turning away from the Washington-based lender to focus on their own new institutions.

“As a US citizen I am really chagrined by this process. The US, I think, is putting the long-term relevance, effectiveness and legitimacy of the World Bank at risk, which is not a good thing,” said Nancy Birdsall, a former senior bank official who leads the Center for Global Development, a think-tank.