The World Bank is set to make net savings that are half the size of a much-touted $400m target as administrative costs rise on a surge in lending, despite a contentious reorganisation pushed through by Jim Yong Kim, its president.
The World Bank’s revenues are coming under pressure from low interest rates and a slowdown in emerging economies, with leading parts of the bank this month reporting their weakest results since the 2008 global financial crisis.
The difficult financial picture illustrates the pressures facing Mr Kim as he seeks a second five-year term and continues a push to both reinvent the Washington-based institution and aggressively increase its lending in the face of rising competition from new players.
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