Published: Sun, January 13, 2019
Global News | By Blake Casey

World Bank to pick new president by mid-April

World Bank to pick new president by mid-April

This week, Jim Yong Kim, bank president, shocked nearly everyone by stepping down three years early.

Washington, Jan 11 (GCBusiness) The World Bank outlined the selection process for the next president to replace Jim Yong Kim, who suddenly announced an early departure from the multilateral development bank earlier this week.

The selection of the bank's next president could prove to be a test of President Trump's worldwide clout.

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

They said the nominations may be made by Executive Directors, or by Governors through their Executive Director, while candidates must be nationals of the Bank's member countries.

Ivanka Trump is reportedly in the running as a possible candidate to take over as head of the World Bank.

"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.

May warns MPs that killing off Brexit deal would be a 'catastrophe'
Theresa May today warned MPs that killing off her Brexit deal in this week's Commons showdown would be a "catastrophe". The Brexiteer said the millions who voted for Brexit would feel "cheated" if the United Kingdom did not exit the EU.

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.

A new president selected by Trump could change The World Bank's priorities.

The World Bank board said on Thursday that starting next month it will begin receiving nominations and that in mid-April it will appoint a successor to Kim.

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

Kim was the first American nominee to face a contested election for the World Bank presidency in 2012 and the bank's board has said its selection process will be "open, merit-based and transparent", implying non-US candidates would not be ruled out.

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

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