In the Wall Street Journal today, Drew Hinshaw and Sudeep Reddy, take a look at Ngozi Okonjo-Iweala’s record and her chances.
“Challenger Rattles World Bank”
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Author Archives: A Bank Insider
Ngozi’s statement to the board of the World Bank
I worked very hard to get this, but I think after the US Treasury Department made Kim’s statement to the board public, its only fair to also hear what Ngozi and Ocampo had to say.
Here is Ngozi’s statement in full below, and I will post Ocampo’s as soon as I get it. Continue reading
Closing ranks
It seems to me that unless the developing countries, including the BRICS, close ranks behind one of their two candidates, Ngozi or Ocampo, they will all lose any legitimacy in calling for a merit based selection process with no regard to national origin. If this does not happen very soon, I don’t see a reason for any of the industrial nations to take them seriously enough to not vote with the US for Dr. Kim, or pay attention to any of their other demands for that matter.
I wonder if the non-biased observers on this blog have any thoughts on that.
Who came up on top?
I’m already hearing from sources who attended the three interviews over the last three days that Ngozi has come up as the top candidate, followed closely by Ocampo, with Dr. Kim a distant third. Three things have worked for Ngozi to push her over Ocampo, she knows the bank inside-out, has experience on both sides of the table – a client and world banker-, and that she is an African woman supported by the whole African Union. This, if selected, will make her not only the first non-American to head the bank, but also the first woman, and first African. In the words of the Economist, “May the best woman win”
“Why Jim Yong Kim won’t change the World Bank”
Another thoughtful blog from Felix Salmon on why no one should expect Dr. Kim to change much in the World Bank.
“.. the World Bank won’t move far in that direction so long as its president is imposed by fiat of the US. In order to work effectively at the sub-national and international level, the World Bank needs to be a genuinely international organization, run by and for the whole world, rather than being viewed as a means for the US to project “soft power” in Africa and elsewhere. ”
World Bank Board to hold a straw poll Friday
Reuters is reporting that the Board of Executive Directors will hold a “straw poll” this Friday, ahead of the formal vote on the 16th. The usually well informed, Lesley Wroughton, writes “The board meets on Friday to conduct a straw poll to see if one candidate emerges as a clear favourite. It is expected to announce its choice on April 16, in time for the IMF and World Bank meetings of global finance leaders in Washington the same week.”
“Skepticism Still Surrounds JYK’s World Bank Nomination”
In an opinion article today, the Executive Editor of the Dartmouth Review, J.P. Harrington, says ”To put it simply, Jim Kim’s nomination smacked of arrogance. President Obama nominated a doctor and an anthropologist. Not a banker.”
He goes on to say, “Personally, Continue reading
Ocampo takes shots at the US and the staff of the World Bank
In today’s event at CGD, Jose Antonio Ocampo said “The current president was too shy in asking for a capital increase,”… “The United States “says it cannot get the money through Congress, but it does not want to lose shares in the (Bank’s) capital. So that means we’re stuck with a World Bank which is constrained by its major shareholder.” Adding “At one point, sooner rather than later, the Bank will have to negotiate a capital increase.”
He also went on to speak about what he will change Continue reading
“how did the United States wind up taking the helm of the World Bank, and not the I.M.F”
In an interesting article, Benn Steil, in the New York Times, traces the history of how a spy scandal led to the unwritten arrangement between the US and European powers to divide the leadership of the IMF and World Bank between them.
He concludes his historical account of how this came about saying “Instead of treating the World Bank presidency as a sacred American birthright, we should remember that it was never more than a consolation prize for an administration trying to dodge a spy scandal.”
CGD session today with Ngozi Okonjo-Iweala
If you missed the session co-hosted by the Washington Post and Center of Global Development with Ngozi Okonjo-Iweala, here is the video.
And here is the Washington Post’s take on the event.