Commentators on Rodrigo Rato’s unanticipated announcement that he will step down as head of the IMF have not been slow to make the links with the just ended World Bank leadership selection process. A Reuters piece has three people drawing comparisons, while the Bretton Woods Project was quick off the blocks also with a statement demanding a new process to decide who’ll head the Fund. more…
No this is not Casablanca. Looks like Zoellick met with the Board late last night (an “informal” meeting that lasted four hours reports AFP) to discuss “strategic directions, leadership, corporate governance, multilateral environment and independence ” of the Bank and according to the New York Times, “A bank official familiar with Mr. Zoellick’s meeting said he was very precise in discussing possible changes in the bank’s governing structure and its difficulties on issues like whether to continue lending to so-called middle-income countries that have easy access to capital markets, the need to raise money for the poorest countries and combating corruption in bank lending.”
June 15th has come and gone and Zoellick is the only game on H street even after calls for a new transparent process of appointing the president of the World Bank have emerged from different sources and countries. According to Reuters, a bank official said the board was expected to meet with Zoellick next week, with an eye toward finalizing the process by June 29 and having the new president in place on July 1 since no other nominations have been submitted. more…
Nominations for World Bank president close today, and barring a miracle, it will be a one horse race.
In Norway yesterday, Zoellick met with development minister Erik Solheim: “The Norwegian principled position is that this should be an open competition where everyone should be able to run – Chinese, Argentinian, whatever, Norwegian for that matter. We will work with other governments to make such a procedure for future presidential appointments of the World Bank. That said, we think this is a very good proposal of Mr Zoellick as the new president of the World Bank.” Solheim also said that Europe’s prerogative to choose the head of the IMF should also be abandoned. more…
Liberal Democrat shadow international development secretary, Lynne Featherstone MP, has written to chancellor Gordon Brown and development secretary Hilary Benn calling on the British government to nominate another candidate or “failing that, to instruct the executive director on the board of the World Bank not to support the nomination”. more…
While it does require some grasp of British geography, a comment by David Woodward in the Guardian brilliantly highlights the absurdity of the leadership selection process and the governance structures of the Bank.
In May, Washington-based thinktank the Center for Global Development launched an online survey about the selection process, criteria for rating candidates, and ratings for nine candidates chosen by their staff from names put forward in the international media. Over 700 responses were received and now the results are in. more…
A week after getting the nod from the White House, Zoellick is embarking on a Worldwide goodwill tour :“I want to leave no stone unturned in showing people I am serious,” as reported by FoxNews. Surprisingly, he is not going to Asia after travelling to Ghana, Ethiopia, South Africa, Britain, France, Belgium, Germany, Norway, Mexico and Brazil. more…
South Africa’s Independent Online reports that Chilean president Michelle Bachelet criticised the decision by the US administration to nominate yet another American to head the World Bank as “grotesque”. South African president Thabo Mbeki is also quoted as saying at the International Monetary Conference (a gathering of the world’s top officials from private and central banks) on the weekend that “future appointments should be made using an open and transparent selection process with candidates not restricted by nationality.” more…
The International Trade Union Confederation’s general secretary Guy Ryder has said that the May 29 statement by the board “goes some way to allay the legitimate criticism of what have been unacceptable procedures for deciding who will lead the two main global financial institutions”. more…
