North American has the challenge of introducing a candidate that is accepted by the rest of the members
The World Bank seeks a new leader after Jim Yong Kim announce that he will leave the presidency of the multilateral body on the first day. The output occurs well before the expected, since the current mandate of it would only end in mid-2022. The American was more than six years ahead of the institution that finances development, and chief Executive Kristalina Georgieva takes office in an interim position. Dismissal can open a crack between the United States and the countries that criticize its control over the multilateral organ.
Since it was created seven decades ago, the World Bank is always presided over by an American – Jim Yong Kim succeeded Robert Zoellick in 1st. July 2012. But your resignation may represent a new opportunity to amend this unwritten rule and put the Donald Trump administration into check. The last time they were candidates for Nigerian Ngozi Okonjo-Iweala and Colombian José Antonio Ocampo.
The World Bank states that the selection process will be open, transparent and based on the merits of aspirants. The International Monetary Fund, sister institution created after the Bretton Woods agreements, is currently directed by the French former minister Christine Lagarde. The largest weight of emerging and developing countries in the global economy can, however, break this duopolium.
The mandate of the President of the World Bank is five years. During his period, Kim gave special emphasis to the need to finance the latest countries in infrastructure, both to boost economic development and to confront increasing risks such as climate change. Thus, he bet on integrating the private sector in the process.
“It was a great honor to serve this remarkable institution,” he said in the note in which he made the announcement to the press, highlighting the “passion” of employees working with the mission of eradicating extreme poverty in 2030. The work of the organism insists, “it is more important now than ever.” It also cited the greater challenge of the refugee crisis, which is growing “in scale and complexity”.
The successor or successor will be the 13th person to direct the institution, consisting of 189 countries. With the fight against poverty, Kim established as a priority to obtain a better distribution of prosperity. The World Bank facilitates financing with this objective. Under his mandate, instruments were adopted to channel resources in a more effective way by the hands of the United Nations.
Before assuming command of the organism, Jim Yong Kim presided over the prestigious Dartmounth University. He was born in South Korea and emigrated as a child to the United States. His candidacy was presented by former Democrat Barack Obama. It is now up to the Republican Trump to designate his favorite and convince the other partners that it is the best option, something that will not be easy, given his rhetoric against multilateralism and resource cuts for development.
The U.S. is the largest contributor to the World Bank budget and, together with the European bloc, control half of the votes needed. The past election has already made clear the imbalance in the body’s power structure. Something similar occurred with the appointment of Christine Lagarde at the IMF when she performed to succeed her compatriot Dominique Strauss-Kahn.
