Kim Says World Bank’s First Priority Is to Aid Growth
By Sandrine Rastello - Jul 1, 2012 7:41 PM ET
Jim Yong Kim, who took over as World Bank president yesterday, said his first task will be to help emerging markets keep expanding at a time of stress for the world economy.
“We begin our work together at a crucial moment” as the global economy “remains vulnerable,” Kim wrote in an e-mail to the Washington-based bank’s staff obtained by Bloomberg News. “My immediate priority will be to intensify the Bank Group’s efforts to help developing countries protect growth and jobs.”
The 52-year-old Kim, the former president of Dartmouth College, succeeds Robert Zoellick at the helm of a poverty- fighting institution that made loans worth almost $53 billion last year. Kim, a physician by training, has little time to ease into a job that stretches beyond his expertise as global growth is threatened by the European debt crisis and a slowdown in China.
“This is about financial crisis management, macroeconomics, understanding the workings of the European monetary union and what the risks are and prioritizing countries” according to their needs, said Uri Dadush, director of international economics at the Carnegie Endowment for International Peace in Washington and a former World Bank director of economic policy.
“It’s not rocket science but it will be a new area for him, one in which he has no experience,” he said, predicting a “steep learning curve” for Kim.
more:
http://www.bloomberg.com/news/2012-07-01/kim-says-world-bank-s-first-priority-is-to-aid-growth.html
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