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May 27, 2017

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World Bank ready to offer expertise to eurozone: Kim

PRETORIA -- The World Bank's role is not to inject cash into the crisis-hit eurozone but it is ready to offer advice to struggling developed countries if asked, new President Jim Yong Kim said Thursday.

"We have very specific technical expertise that may be of use and we have offered to provide that technical assistance if the European countries are interested," Kim told reporters after meeting South African leaders.

"Our role is not to infuse large amounts of cash into the European economy, this is not our role, our sister organization International Monetary Fund is much more involved in that area."

On his debut trip as World Bank leader, Kim said that he had faith in the bank's expertise in areas like social expenditure and creating good business environments that could be of use to high-income countries hit by the crisis.

"Of course, we have to be asked before we go in and offer advice and I simply wanted to make clear that we stand ready to offer that advice," he said.

After taking the helm of the bank in July, Kim said that he did not plan to introduce a major shift in direction for the bank.

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