U.S. candidate picked to head World Bank

Will Kim's selection as president of the World Bank mean trouble for Nicaragua?

(April 16, 4:50 p.m.)- Dartmouth College President Jim Yong Kim, a former director of the Department of HIV/AIDS at the World Health Organization, was selected today as the 12th president of the World Bank.

The World Bank’s Executive Directors elected the U.S.-backed candidate over Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo, both of whom argued it is time for another country to head the World Bank.

Jim Yong Kim

“I have spoken with Minister Okonjo-Iweala and Professor Ocampo. They have both made important contributions to economic development, and I look forward to drawing on their expertise in the years to come,” Kim said in a statement.

“As President, I will seek a new alignment of the World Bank Group with a rapidly changing world,” he said.  “Together, with partners old and new, we will foster an institution that responds effectively to the needs of its diverse clients and donors; delivers more powerful results to support sustained growth; prioritizes evidence-based solutions over ideology; amplifies the voices of developing countries; and draws on the expertise and experience of the people we serve.”

For Nicaragua, the fact the Obama Administration’s candidate won the job as president of the World Bank is relevant given Secretary of State Hillary Rodham Clinton’s statement following President Daniel Ortega’s controversial reelection last November, which she called “a setback to democracy in Nicaragua.”

“The United States will continue to apply aggressive scrutiny to project loans at the Inter-American Development Bank and World Bank, and we will oppose any loan proposals that do not meet these institutions’ high standards, or do not provide sufficient development impact,” she said.

 

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