The race for the next President of the World Bank’s Group just got a whole lot more interesting with the formal nomination of former Managing Director and current Finance Minister of Nigeria; Ngozi Okonjo Iweala, and, the less exciting, former Colombian Finance Minister Jose Antonio Ocampo . Ngozi’s nomination will, no doubt, make it very hard for the US Administration to put forward a credible nominee that can match her skill and reputation, even if they nominate a woman. Most of the representatives of the developing countries on the board of the World Bank are expected to line up behind Ngozi. The one and only thing missing from Ngozi’s CV is a US nationality. The Obama administration will certainly Continue reading
Monthly Archives: March 2012
The Process is Forever Changed, for the Better
In the wake of Jeffrey Sachs’ unprecedented open candidacy for World Bank president comes important news that developing country economists may also join the race: former minister of finance for Colombia and former senior UN official José Antonio Ocampo, and Nigerian finance minister and former high level World Bank official Ngozi Okonjo-Iweala. (Okonjo-Iweala is denying she will seek the position.) If this happens, in a similarly public way, as it appears it will, this will be a huge and irreversible step forward for World Bank governance reform. It would be a leap closer towards what the World Bank’s members have officially adopted as their preference for choosing the Bank’s leader: an open, merit-based process. A contest, of sorts, between Ocampo and Sachs (and perhaps Okonjo-Iweala) – presumably with developing country support behind them – would be a sea change from the Bank’s past practice of putting the U.S.’ (and the Global North’s) interests first in selecting presidents, with developing countries excluded. The succession this time is far different than in 2005, for example, when the Bush administration simply declared that Paul Wolfowitz would helm the Bank, to howls of protest but no known alternative nominees.
Southern countries step up for the fight: Okonjo-Iweala and Ocampo to be nominated….
… according to a Reuters report:
Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank, sources with knowledge of emerging market efforts to find candidates said on Tuesday.
It goes on: Continue reading
Larry Summers the US candidate? Fuggedaboutit!
With the Friday deadline for an American candidate looming, the grapevine is sprouting new fruit at a rapid rate. The latest rumour adds a little chicenery to the mix, with news that Geithner’s leaked list, which included Susan Rice, Larry Summers and John Kerry, actually had decoy names on it! What sneaky smoke and mirrors by the Treasury Secretary! And his grand plan to befuddle the general public was all so his homeboy Larry Summers could land the World Bank job.
Excuse the flippant tone, but these whispers of high level machinations by schemeing string-pullers in Washington have added a little spice to this story. We were all getting a little bogged down in Sachs to be honest. So, it seems that Larry Summers is the only US candidate at present. It’s been well established that Summers is not exactly Mr Popularity, and a new petition and accompanying website, Larry Summers? Fuggedaboutit!, picks up where many an have left off. The site is a playful reminder of Summers’s past indiscretions, with a section called ‘Let them eat waste’ detailing his absurd proposal to outsource pollution to poor countries. At the same time it is serious in its intent Continue reading
Susan Rice candidacy in trouble
Between the idle speculation about various “dream” non-candidates (Lula, Sri Mulyani, Bachelet, Ngozi), the shameless self-promotion by academics (Sachs), and the attacks on Larry Summers after the White House leaked his name a month ago, and the NGOs’ unwillingness to go beyond criticizing the selection process to specify the selection criteria and how to apply them, the rumored White House frontrunner, Susan Rice, is in trouble.
Visibility at the UN is a big asset for an international job. In some ways it compensates for Dr. Rice’s lack of first-hand experience on development issues, and inexperience at running a big organization in the public sector.
The downside is that you make enemies. And Russia and China are not the kind of enemies you want if the White House was thinking of you as Robert Zoellick’s successor. Continue reading