World Bank announces selection process for next president
World Bank announces selection process for next president
Ogunlesi Adebayo is the Chairman and Managing Partner at the private equity firm Global Infrastructure Partners. Pic credit
13 January, 2019, 16:42
The current president of the financial institution, Jim Yong Kim, announced that he would be cutting short his tenure on Monday, more than three years before his second term was due to end.
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.
The bank said nominations for president would be open to candidates from any member countries from February 7 to March 14, after which the directors will narrow the field to a shortlist of no more than three candidates.
A new president selected by Trump could change The World Bank's priorities.
The World Bank Board said Thursday it would start accepting nominations for a new leader early next month and name a replacement for Kim by mid-April.
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"A World Bank president chosen by the Trump administration could, in particular, try to limit its financing of projects meant to tackle climate change, as well as any work that is seen as supporting the building of Chinese infrastructure", the report said.
Any of the 189 member countries can nominate a candidate from any country but the bank's board also specified that the candidates must support the vision for financing sustainable development.
In a statement, the World Bank's directors said they were committed to an "open, merit-based and transparent selection process", a phrase that has become a rallying cry for opponents of American hegemony of the presidency, who say that an open process would consider non-Americans, too.
But the success of a USA candidate no longer appears completely assured.
Trump's Administration has been opposed to globalist institutions such as the World Bank, but will now been tasked with suggesting someone for the role.
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