World Bank President Jim Yong Kim in shock resignation

The global development community was left stunned this evening after World Bank President Jim Yong Kim unexpectedly resigned.

The abrupt announcement means that Kim, who was not due to leave the role until 2022, will be leaving his post at the start of next month for a role in the private sector.

In a statement today the World Bank said that Kim will “join a firm and focus on increasing infrastructure investments in developing countries”, although no reason for his resignation was given.

The South Korean-born former doctor, who spent much of his time at the helm of the World Bank focusing on tackling global health issues, was listed at the 41st most powerful person by Forbes last year.

Commentators tonight said that the vacuum left by Kim could potentially prompt a row between President Trump and those who are critical of US control at the institution.

Current chief executive Kristalina Georgieva will assume the role of interim president at the global lending institution when Kim departs.