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Does the World Still Need the World Bank?

Its president is setting out to fix the institution. He shouldn’t be timid
World Bank President Jim Yong Kim
World Bank President Jim Yong KimPhotograph by Pete Marovich/Bloomberg

There will always be a need for a World Bank. There is no need for a World Bank with more than 10,000 employees.

President Jim Yong Kim is trying to reform the bank, one of the global financial institutions that emerged from the historic Bretton Woods agreements signed on July 22, 1944. He is getting strong resistance from a rank and file protective of its parking subsidies, business-class travel, and generous meal allowances. The danger for Kim, however, is that he will be too timid.