NDB expands to 11 members, raises $16.1bn in 2024, says Rousseff    Egypt, Somalia leaders discuss strategic partnership, counterterrorism in New Alamein    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    EGX closes mixed on July 7th    Gold retreats as investors await tariff clarity    Egypt, UNDP discuss future health projects – Cabinet    Egypt calls for stronger central bank cooperation, local currency use at BRICS summit    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt's Talaat Moustafa Group H1 sales jump 59% to EGP 211bn    Egypt, Uruguay eager to expand trade across key sectors    Egypt accelerates coastal protection projects amid rising climate threats    Deadly Israeli airstrikes pound Gaza as Doha talks raise hopes for ceasefire    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US should lead to end World Bank tradition: Nigerian finance minister
A non-US leader of the global body is needed, says Nigerian candidate, but she adds the top job should go to the candidate best suited to the job
Published in Ahram Online on 10 - 04 - 2012

The United States should take the lead and break the long tradition of an American always heading the World Bank, Nigerian finance minister and a nominee for the top post Ngozi Okonjo-Iweala said on Monday.
Speaking after a "marathon" three-and-a-half-hour interview by the World Bank board, Okonjo-Iweala said the decision on who leads the global development institution should go to the candidate with the best skills for the job.
During her interview with the board, Okonjo-Iweala said she did not ask for the support of countries but pressed them to ensure that the selection process was open and merit based.
Under an informal agreement between the United States and Europe, an American has always headed the World Bank and a European has led the International Monetary Fund since their founding after World War Two.
Rising economic powers such as China, India and Brazil have called for an end to the long-standing tradition and are demanding more influence in global finance institutions.
Okonjo-Iweala, who left a top post at the World Bank last year for a second stint as Nigeria's finance minister, is up against former Colombian finance minister Jose Antonio Ocampo and U.S. nominee Korean-American health expert Jim Yong Kim.
Ocampo and Kim are set to be interviewed by the 25-member World Bank board on Tuesday and Wednesday respectively.
It is the first time that candidates from developing countries have challenged Washington for the top post.
"Somebody has to break this" agreement, Okonjo-Iweala told an event hosted by the Center for Global Development and Washington Post. "Therefore, who is the leader in this world? The U.S. is looked on for that leadership," she added.
The board is set to decide through consensus on a new president of the World Bank on April 16. Kim is likely to succeed Robert Zoellick as World Bank president given the U.S.'s large voting bloc and support by European allies.
Okonjo-Iweala dismissed the argument by some U.S. politicians that the United States would stop financing the World Bank if a non-American took the reins of the institution.
She said she would use her "persuasive powers" to convince Congress to keep funds flowing to the World Bank.
"You cannot look at global governance in the same old way and should recognize the changing constellation of powers," Okonjo-Iweala said. "I do not believe that if we ignore this reality we can really have global governance that works because these countries will not feel valued in the global system."
Okonjo-Iweala said her vision for leading the World Bank was influenced by her own life story of growing up in a village in Nigeria and her experiences as an international economist.
"It is not good enough to say you know about poverty. You have to live it," she said.
As head of the World Bank, Okonjo-Iweala said she would focus on job creation, which was a problem facing both rich and poor countries alike.
"Across the globe, policymakers are grappling with one problem, and that is the problem of job creation," she said, "I have yet to meet a single poor person who did not want the dignity of a job."
She said her experience as finance minister and as managing director of the World Bank gave her unique insights into the complex problems facing emerging market and developing countries in Asia, Africa and the Middle East.
She said the World Bank should also focus more on helping developing countries build roads, railway systems and power grids to help their economies grow, and it should invest more in education, health and gender issues.
She said complex global problems facing developing countries required a World Bank that could respond quickly and creatively to the needs of the poor.
"We need a Rolodex of experts that we can call on very fast," she said. "The bank needs to be fast in delivering knowledge. Middle-income countries are no longer willing to wait when they need a question answered."
While working at the World Bank, Okonjo-Iweala said she compiled a list of 11 issues that frustrated her the most about the institution, which she shared with the board during her interview on Monday.
On her list of frustrations was the lack of data to make vital decisions on poverty reduction in low-income countries.


Clic here to read the story from its source.