World Bank announces selection process for next president

Blanche Robertson
January 13, 2019

Kim on Monday announced that he would be stepping down from his position at the World Bank effective Feb 1, more than three years ahead of the scheduled end of his second term as president of the global lending institution in 2022.

The post has always been held by an American, in a deal that has given the Europeans control at the International Monetary Fund, which means Donald Trump has an opportunity to turn the World Bank into a tool of U.S. imperialism and a weapon in his economic war with China.

Former UN Ambassador Nikki Haley and US President Trump's daughter and adviser Ivanka are among possible US candidates to replace outgoing World Bank president Jim Yong Kim, the Financial Times reported on Friday.

The Treasury Department declined to comment on potential candidates.

An unwritten agreement states that the United States, which is the bank's largest shareholder, always chooses the head of the institution since it was founded after the Second World War.

World Bank CEO Kristalina Georgieva will serve as interim president.

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The department has received a 'significant number of recommendations, ' a spokesperson said.

"My previous experiences and recent years working at the World Bank have been rewarding efforts that have demonstrated how vital infrastructure development has become to the world", Kim said Tuesday in a statement.

"I think frankly right now people in the bank are anxious about how do we protect the institution", former senior World Bank official told the Financial Times.

The World Bank on Thursday said it has commenced a process that will lead to the selection of a new president. The US prevailed in selecting its preferred candidate over challengers from Nigeria and Colombia, but the process was grueling.

The bank's statement also said the new director should have "a firm commitment to and appreciation for multilateral cooperation", a phrase that draws a contrast with the views of some Trump administration officials who have questioned the value of multilateralism, and of institutions like the World Bank.

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