Monday, 17 June, 2019

World Bank issues rules for selecting next president

The Associated Press Ivanka Trump on List of Possible Candidates to Lead World Bank AP
Deanna Wagner | 13 January, 2019, 16:38

US President Donald Trump's eldest daughter is now being considered for the role, alongside former UN Ambassador Nikki Haley, the Financial Times reports.

On Monday, Kim unexpectedly announced that he would not continue to head the WB, more than three years before his second term ended.

Other possible candidates mentioned are David Malpass, a current Treasury official, Nikki Haley, former United Nations ambassador, and Mark Green, head of the US Agency for International Development, the paper said.

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 United States imperialism and a weapon in his economic war with China. "It is a very complicated game", opined David Dollar, a former World Bank official and the Treasury's economic and financial emissary to China.

The Treasury Department told AFP on Friday it was not going to make statements about potential candidates.

The US has the largest voting share of any individual country, at about 16%, but blocs of countries - including the European Union - have larger voting shares. The US Treasury Department is said to have already received "a significant number of recommendations for good candidates" and kicked off "the internal review process" to decide on the candidate.

The Board of Directors of Google has filed a lawsuit
The lawsuit doesn't seem to be about damages, as such, but more about changing the way Google behaves in future. After the publication of The New York Times thousands of Google employees around the world staged protests .

'We look forward to working with the governors to select a new leader'.

Under an unwritten agreement, the U.S., which is the bank's largest shareholder, has always chosen its leader since the institution was founded following World War 2.

The World Bank has had 12 presidents during its existence.

In any case, the success of a USA candidate is not completely assured.

However, some pundits say that the global financial community is not prepared for a non-American nominee at the moment.

The Trump administration, which has been wary of and even hostile toward Western-led worldwide institutions like the World Bank, will now be tasked with submitting a recommendation to the bank's board.