U. S. will nominate candidate for post head of World Bank-Yellen
2023.02.23 06:48
U. S. will nominate candidate for post head of World Bank-Yellen
By Kristina Sobol
Budrigannews.com – U.S. Treasury Secretary Janet Yellen stated on Thursday that the United States intends to “quickly” nominate a candidate for the World Bank presidency who is committed to the lender’s mission of reducing poverty and implementing lending reforms to combat climate change and other global challenges.
Yellen didn’t say who the U.S. candidate would be or whether she would be a woman at a news conference before the G20 finance leaders met outside of Bengaluru.
The World Bank’s executive board stated that it “would strongly encourage women candidates to be nominated” and plans to open nominations for the development lender’s top job later on Thursday.
The current president, David Malpass, has stated that he will step down by early June, well before his term ends in April 2024. The board expects to select a replacement by early May.
Since the majority of the United States’ stake in the World Bank is managed by the Treasury, Yellen has a significant impact on who runs the organization. The United States has traditionally chosen the head of the World Bank ever since it was established at the end of World War II, while Europe has traditionally chosen the head of the International Monetary Fund.
According to Yellen, the U.S. candidate will be committed to lending reforms to combat climate change, pandemics, and other global challenges while maintaining the bank’s long-standing work to reduce poverty, as well as possess the necessary qualifications to lead the largest development lender in the world.
“We intend to quickly present a candidate with high qualifications. Stay tuned, and I have no updates for you on who that might be,” Yellen stated.
