US TO NOMINATE KIM FOR WORLD BANK
President Barack Obama will nominate Jim Yong Kim, president of Dartmouth College, to lead the World Bank.
The choice of Mr Kim, a physician who has played a leading role in global health, was a surprise to analysts who had been closely anticipating whom the White House would select to succeed Robert Zoellick, who announced his retirement in February.
The selection of the next president is up to the World Bank’s board, but the US choice is influential because the US controls the largest share of votes.
The choice comes amid a growing discontent from emerging markets countries with the traditional agreement between the US and Europe that they would share the top positions in the World Bank and the International Monetary Fund. By custom a European heads the IMF and a US citizen serves as World Bank president.
On Wednesday, José Antonio Ocampo, a former finance minister of Colombia, announced that he would compete for the job. It is understood that Ngozi Okonjo-Iweala, Nigeria’s finance minister, will also run for the post.
Agustín Carstens, governor of Mexico’s central bank, who lost out in the running for IMF managing director to France’s Christine Lagarde, said on Thursday that the selection process should be mroe open and transparent to encourage competition among a wide pool of applicants.
The choice of Mr Kim, a physician who has played a leading role in global health, was a surprise to analysts who had been closely anticipating whom the White House would select to succeed Robert Zoellick, who announced his retirement in February.
The selection of the next president is up to the World Bank’s board, but the US choice is influential because the US controls the largest share of votes.
The choice comes amid a growing discontent from emerging markets countries with the traditional agreement between the US and Europe that they would share the top positions in the World Bank and the International Monetary Fund. By custom a European heads the IMF and a US citizen serves as World Bank president.
On Wednesday, José Antonio Ocampo, a former finance minister of Colombia, announced that he would compete for the job. It is understood that Ngozi Okonjo-Iweala, Nigeria’s finance minister, will also run for the post.
Agustín Carstens, governor of Mexico’s central bank, who lost out in the running for IMF managing director to France’s Christine Lagarde, said on Thursday that the selection process should be mroe open and transparent to encourage competition among a wide pool of applicants.
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