Jim Yong Kim becames the 12th President of the World Bank.
The World Bank has a new President: Jim Yong Kim. Many developed countries have criticized the World Bank in its efforts of wealth redistribution in Third World economies. The criticisms go that most developing nations should not be borrowing so much and the World Bank has made it easy for them. Even economists in these governments have indicated the faults of these inefficient borrowing mechanisms.
So do we really need the World Bank? Is it right to fund projects that developing nations cannot afford. As much as people in the West want to find fault with the Third World countries, I feel it is important for the sake of the planet to come together. All nations should get their chance at developing their infrastructure and more importantly the intellectual capital.
