CGD in the News

World Bank President Resigns to Join Investment Firm (WSJ)

January 07, 2019

From the article:

In 2012, the U.S. faced a challenge to its primacy in appointing the World Bank’s president. Mr. Kim’s nomination by the U.S. faced contenders from Nigeria and Colombia. Many officials have argued that the World Bank’s role in development finance warrants leadership—at least occasionally—from countries in the global south.

“Jim Kim’s selection was controversial, mostly because much of the world was no longer satisfied with a pre-ordained arrangement where an American headed the bank and a European headed the International Monetary Fund,” said Scott Morris, a senior fellow at the Center for Global Development.

The U.S. Treasury Department, however, takes the lead on issues with the World Bank, and would likely be the agency on the front lines of any fight to appoint his successor.