wp.com: Choosing a World Bank President (the process) [View All]

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Choosing a World Bank President
washingtonpost.com Staff Reports
Wednesday, March 16, 2005; 11:39 AM


The 24 executive directors of the World Bank, who are appointed or elected by member countries, choose the Bank president. The Bank president is traditionally an American selected by the United States. A European is selected to head the International Monetary Fund, the other major international finaincial institution. However, neither the Bank nor the IMF have formal selection rules dictating the nationality of the institutions’ heads.

Candidates for president are put forth by member states’ executive directors. Paul W. Wolfowitz would be the 9th World Bank president. The president serves an initial five-year term which may be renewed by the executive directors for five years, or shorter, with no limit to the number of terms.

In April, 2001, a World Bank working group recommended a new series of procedures to assist in selecting a president. The panel’s report called for an advisory group to help develop a list of qualifications and potential candidates. But the selection process by the executive directors was unchanged.

Composed of 183 member countries, the World Bank promotes economic development in impoverished and indebted countries by providing long-term financing and guidance for Bank-approved programs and projects.

The World Bank is comprised of five closely associated organizations that pursue the same overarching goal of poverty reduction....


http://www.washingtonpost.com/wp-dyn/articles/A40172-2005Mar16.html