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World Bank candidates due as deadline approaches | World Bank candidates due as deadline approaches |
(about 9 hours later) | |
The US is expected to announce its candidate for the next president of the World Bank as the deadline for nominations approaches. | The US is expected to announce its candidate for the next president of the World Bank as the deadline for nominations approaches. |
Some of the potential candidates mentioned have included former White House advisers Lawrence Summers and the Indian-born head of Pepsi, Indra Nooyi. | Some of the potential candidates mentioned have included former White House advisers Lawrence Summers and the Indian-born head of Pepsi, Indra Nooyi. |
A US citizen has always held the position since the World Bank was founded in 1944. | A US citizen has always held the position since the World Bank was founded in 1944. |
But there is pressure for the next head to be from a developing nation. | |
South Africa is likely to announce an African candidate - expected to be Nigerian Finance Minister Ngozi Okonjo-Iweala. | South Africa is likely to announce an African candidate - expected to be Nigerian Finance Minister Ngozi Okonjo-Iweala. |
The former Colombian Finance Minister Jose Antonio Ocampo is also likely to be nominated before the deadline on Friday. | |
But with the US holding the most votes at the World Bank, which has 187 members, the vote on the next president should be a formality. | But with the US holding the most votes at the World Bank, which has 187 members, the vote on the next president should be a formality. |
'Great' candidates | 'Great' candidates |
The World Bank and the International Monetary Fund were created at the conference at Bretton Woods in 1944 as a means to regulate trade between nations in the aftermath of the Great Depression and World War II. | The World Bank and the International Monetary Fund were created at the conference at Bretton Woods in 1944 as a means to regulate trade between nations in the aftermath of the Great Depression and World War II. |
A US national traditionally heads the World Bank while a European runs the IMF - currently France's Christine Lagarde. | A US national traditionally heads the World Bank while a European runs the IMF - currently France's Christine Lagarde. |
But emerging economies have become increasingly unhappy with this arrangement and are pushing for change. | But emerging economies have become increasingly unhappy with this arrangement and are pushing for change. |
Brazil said this week that both Ms Okonjo-Iweala and Mr Ocampo would be "great" candidates to be the next president. | Brazil said this week that both Ms Okonjo-Iweala and Mr Ocampo would be "great" candidates to be the next president. |
In a recent editorial, three former chief economists of the World Bank - Francois Bourguignon, Nicholas Stern and Joseph Stiglitz - argued for an end to the US "monopoly" on running the institution. | In a recent editorial, three former chief economists of the World Bank - Francois Bourguignon, Nicholas Stern and Joseph Stiglitz - argued for an end to the US "monopoly" on running the institution. |
"To say it is merit-based, and to choose an American repeatedly, shows scant respect to the citizens of other countries," they wrote. | "To say it is merit-based, and to choose an American repeatedly, shows scant respect to the citizens of other countries," they wrote. |
The development economist Jeffrey Sachs has also argued for change, saying the World Bank should be led by a development expert. | The development economist Jeffrey Sachs has also argued for change, saying the World Bank should be led by a development expert. |
The current President, Robert Zoellick, is to step down from his role at the institution when his five-year term comes to an end on 30 June. | The current President, Robert Zoellick, is to step down from his role at the institution when his five-year term comes to an end on 30 June. |
Mr Zoellick, 58, was appointed to his role in 2007 by George W Bush. | Mr Zoellick, 58, was appointed to his role in 2007 by George W Bush. |