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New President for World Bank

  • February 24, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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New President for World Bank

Subject : International  Relations

Section : International Organizations

Concept :

  • US President Joe Biden is nominating former Mastercard CEO, India-born Ajay Banga, to be head the World Bank.

Appointment of the President of World Bank:

  • The President of the World Bank Group serves as Chairman of the Board, and is selected by the Executive Directors.
  • The President is the presiding officer, and ordinarily has no vote except a deciding vote in case of an equally divided Board.
  • As per the guidelines of the World Bank, the World Bank president must have:
    • A proven track record of leadership.
    • Experience managing large organizations with international exposure, and a familiarity with the public sector.
    • Ability to articulate a clear vision of the Bank’s development mission.
    • A firm commitment to and appreciation for multilateral cooperation.
    • Effective and diplomatic communication skills, impartiality, and objectivity.

Who can nominate?

  • Executive directors of the World Bank can nominate candidates for the post and the candidate must be citizens of one of the bank’s member countries and cannot be a bank governor, executive director or alternate.
  • If there are more than three candidates, there would be a shortlisting process to narrow the field through an informal straw poll.
  • Then the shortlisted candidates will be interviewed by the board. The board will then make a final selection through a majority vote.

    Number of votes needed to win:

  • To win the presidency of the World Bank, a candidate must win approval from the institution’s executive board, which has 25 members.
  • The US holds a 16% share of board voting power hence more often it is the US-backed candidate gets elected for the post of the president.

Voting Power in World Bank

  • Member countries are allocated votes at the time of membership and subsequently for additional subscriptions to capital.
  • To become a member of the Bank, a country must first join the International Monetary Fund (IMF).

Governors

  • A Board of Governors represents the Bank’s government shareholders. Each member nation appoints a Governor and an Alternate Governor. Generally, these governors are country ministers, such as Ministers of Finance or Ministers of Development.
  • The governors are the ultimate policymakers in the World Bank. They meet once a year at the Bank’s Annual Meetings.

Executive Directors

  • The Bank’s 25 Executive Directors oversee the Bank’s business, including approving loans and guarantees, new policies, the administrative budget, country assistance strategies, and borrowing and financial decisions.
  • Under the IBRD Articles of Agreement, each of the five members having the largest number of shares appoints an Executive Director, , and the remaining members elect the other Executive Directors.
International Relations New President for World Bank
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