Jim Kim

Oxfam responds to the announcement that Jim Kim is stepping down as President of the World Bank from 1st February 2019 before the expiry of his term in 2022.

The World Bank shouldn’t forget its goals to “end poverty and boost shared prosperity” as it increasingly relies on the private sector to finance development, Oxfam warned at the start of the institution’s Spring Meetings.

Responding to a speech by the president of the World Bank, Oxfam's Nadia Daar said: "The Bank must guarantee that in any dealings with the private sector, reducing poverty, protecting the environment, and helping communities will take priority over financial gain. 

As the Annual Meetings of the World Bank kick off in Washington this week, Oxfam welcomed the focus on inequality, but urges top officials at the institution to align their words with their actions if they are serious about combating inequality and poverty. 

“It’s great to hear tough talk from both Jim Kim and Christine Lagarde on ending tax havens. We’ve seen this happen time and time again: when the richest fail to pay their fair share, the budgets for education, health, and other social services that the poorest depend on, are the first to get slashed," said Chris Stalker, acting head of Oxfam International's Washington office.

Christine Lagarde, the International Monetary Fund’s managing director, and Jim Yong Kim, president of the World Bank, spoke Tuesday about their institutions’ priorities ahead of next week’s spring meetings in Washington.