Maravi

Ngozi upbeat about World Bank poll

Ngozi upbeat about World Bank poll
By Kabanda Chulu
Thu 12 Apr. 2012, 13:27 CAT

I AM not frightened by the competition to become World Bank president because shareholders have promised a fair and merit-based selective process, says Nigeria's finance minister Ngozi Okonjo-Iweala.

Speaking to CNN's Richard Quest ahead of the selection process scheduled to take place on the eve of the 2012 spring meetings this month end, Dr Okonjo Iweala said job creation in developing countries would be one of her main focuses.

"I am not daunted because the shareholders of the World Bank promised a fair, merit-based, open and competitive process," Dr Okonjo Iweala stated.

"This is not theory you are dealing with, it is fact, it is experience, it is real world: ‘how do we make a policy decision that will help millions of poor people today?' So that gives me a lot."

She said the World Bank should also focus on promoting growth in developing nations to create jobs, especially for the young people.

"I have never met a poor person who didn't want the dignity of a job. If they have a job, they can take care of their health problems, their education problems," said Dr Okonjo-Iweala.

And a group of former World Bank officials have endorsed Dr Okonjo-Iweala to lead the institution.

In an open letter made available to Bloomberg News, 39 former managers and economists called on the Bank's executive board to make their decision on merit, when the board considers more than one candidate for the job for the first time.

Writing in their personal capacity ahead of the candidate interviews next week, the former Bank officials stated: "we care too much for the institution and for its historic development mission not to speak up."

The letter was signed by a number of Europeans, including Francois Bourguignon, who was the Bank's chief economist between 2003 and 2007, as well as Barbara Kafka, an American who served over 33 years at the Bank in a range of posts.

Tunisia's central bank chief, Mustapha Nabli, a former head of the Bank's Middle East and North Africa region, also signed although his country has not endorsed a candidate.

"Dr Okonjo-Iweala will bring the combination of her experience as finance and foreign minister of a large and complex African country with her wide experience of working at all levels of the Bank's hierarchy in different parts of the world, from agricultural economist to managing director," read the letter in part.

"While the other two candidates also have strong qualifications, ‘she would be the outstanding World Bank president the times call for'."

Dr Okonjo-Iweala, a former World Bank managing director, and Jose Antonio Ocampo, a former finance minister of Colombia, are competing with the US nominee Jim Yong Kim, a public health expert and president of Dartmouth College.

Under an unwritten agreement, the US picks the World Bank president, always an American, and Europe puts a European at the helm of the International Monetary Fund, the Bank's sister institution.

Labels: World Bank

posted by MrK @ 3:10 PM