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World Former World Bank chief and 'voice for the poor' Wolfensohn dies aged 86

03:55  26 november  2020
03:55  26 november  2020 Source:   reuters.com

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James D. Wolfensohn joined the World Bank at a tumultuous time. The Bank ’s annual meeting in The accumulated debt of poor countries was so great that they were saddled with paying more back It was an extremely complex world , inside and outside the Bank that James Wolfensohn inherited.

As president of the World Bank , James Wolfensohn managed operations in almost 150 countries and was responsible for tens of billions of dollars in aid to the Over 100 speeches, essays, and letters chart Wolfensohn ’s thinking on development and his emergence as an advocate and voice for the

WASHINGTON (Reuters) - James Wolfensohn, a former investment banker who pushed through debt relief for the poorest nations during a decade at the helm of the World Bank, has died, the Bank said Wednesday. He was 86.

James Wolfensohn sitting at a table with wine glasses: FILE PHOTO: Former World Bank chief James Wolfensohn dies aged 86 © Reuters/Reuters Photographer FILE PHOTO: Former World Bank chief James Wolfensohn dies aged 86

Wolfensohn, a former Salomon Brothers partner, was appointed as president of the global development bank by then-U.S. President Bill Clinton and led the Bank from June 1995 through May 2005. Born in Australia, he became a U.S. citizen in 1980.

In 1979, he helped orchestrate the rescue of Chrysler Corp from the verge of bankruptcy, together with Chrysler's chief executive Lee Iacocca and Paul Volcker, who was then president of the New York Federal Reserve.

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As president of the World Bank , James Wolfensohn managed operations in almost 150 countries and was responsible for tens of billions of dollars in aid to During his ten years and visits to more than 120 countries, Wolfensohn tirelessly drew the world 's attention to the need to provide hope and a better

Jacques Chirac, the former French president who championed the European Union, but whose later years were blighted by corruption scandals, has died aged 86 . "President Jacques Chirac died this morning surrounded by his family, peacefully," his son-in-law told AFP.

Together with the International Monetary Fund, Wolfensohn in 1996 launched the Heavily Indebted Poor Countries Initiative, a program that eventually provided more than $53 billion in debt relief to 27 of the world’s poorest countries.

Current IMF Managing Director Kristalina Georgieva mourned the passing of her friend, mentor and former boss.

"He was a hero to me as he was to so many," she said in a statement. "Jim transformed the world of development and he transformed the World Bank. In the process, he became, quite literally, the voice for the poor people on our planet."

(Reporting by Andrea Shalal; Editing by Stephen Coates)

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This is interesting!