Beautiful Virgin Islands

Tuesday, Feb 20, 2024

Ajay Banga's Credentials Will Overcome World Bank Selection Criticism: US

Ajay Banga's Credentials Will Overcome World Bank Selection Criticism: US

In an interview, Yellen affirmed her support for the longstanding tradition of the United States choosing the World Bank's leader and Europe choosing the head of the International Monetary Fund.
US Treasury Secretary Janet Yellen said on Saturday that she believes the strong qualifications of the US nominee to lead the World Bank, ex-Mastercard CEO Ajay Banga, will overcome any criticism of the selection process.

In an interview, Yellen affirmed her support for the longstanding tradition of the United States choosing the World Bank's leader and Europe choosing the head of the International Monetary Fund.

But she said that privilege comes with a responsibility to "nominate the strongest possible candidate" for the job.

"We've taken this very seriously and tried to identify a candidate that we think brings the right skill set to this job," Yellen said. "And we hope that our candidate will be broadly accepted in both lending countries and borrowing countries."

Yellen said she was pleased so far with positive reviews from G20 finance officials for Banga, 63, an Indian-born US citizen who has won accolades for his work transforming Mastercard and working to lift people in developing countries out of poverty.

But the swiftness with which President Joe Biden nominated Banga, in a surprise pick immediately after the World Bank's board began accepting nominations on Thursday, drew criticism from some non-profit groups, climate and development professionals that the United States never wanted an open contest for the job and sought quickly to deter challengers.

As the World Bank's largest shareholder with 16.35% of its voting power, the United States wields strong influence over the bank's policies, and the lender's president works closely with the Treasury Department.

"So much for a merit-based transparent process with female candidates strongly encouraged," said Claire Healy, Washington director for the E3G climate think tank, referring to the board's selection process announcement.

"Time is short and the stakes are high, so concerns about the process will likely be set aside to get the reforms done," Healy added.

Yellen is pressing the World Bank to refine a package of sweeping reforms aimed at vastly expanding its lending resource and mission to tackle climate change and other global challenges.

Banga will face a tough slate of issues around the institution's finances and capital structure from the start -- thorny problems he must address as he reshapes the bank into a force for combating climate change on top of its traditional role as a poverty fighter.

"There's broad agreement that we need to mobilize private capital," Yellen said. "This is an individual who has a better chance of being able to accomplish that than anyone else I can honestly think of."

She added that his background "really is quite different" from past World Bank presidents, who were often picked from positions in government service.

"This is somebody who grew up in emerging markets, spent most of his career working in Africa, the Middle East, Asia, really deeply understands and has lived in countries that face development challenges," she said.
Newsletter

Related Articles

Beautiful Virgin Islands
EU and UK Announce Joint Effort on Migration
I have a dream, MLK inspiring speech
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
Aretha Franklin, Marvis Staples - Oh Happy Day
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
BVI Freedom Song
Microsoft-backed OpenAI valued at $80bn after company completes deal
Billy Preston - You Can't Beat God Giving (Live)
‘Alexei would want to tell Russia not to give up fighting’
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Whisky Challenges China's Baijiu Market During New Year Celebrations
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
Hello Dolly
"Historic Step": Zelensky Signs Security Pact With Germany
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
"Historic Step": Zelensky Signs Security Pact With Germany
Bob Marley - Get Up Stand Up
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
Yes He Can
Joe Biden Accuses Putin of Causing Navalny's Death
What A Friend We Have In Jesus
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Unforgettable
Tucker Carlson grocery shopping in Russia. This is so interesting.
Touch The Hem Of His Garment
Julian Assange's Wife Warns of His Death if Extradited to US
The Lord's Prayer
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
THE GOD MOVEMENT...BEAUTIFUL BVI
Greece Legalizes Same-Sex Marriage and Adoption Rights
Siyahamba
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Ramblin' Rose
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
Protoje - Who Knows ft. Chronixx
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
Pressure - Virgin Islands Nice
Former Dutch PM And Wife Die "Together Hand In Hand" Via Duo Euthanasia
Phil Wickham - House Of The Lord
Media Giant Paramount Global, Which Owns CBS News, To Cut 800 Jobs
My God Is Real (Yes, God Is Real)
US Rejects Putin's Ceasefire Offer in Ukraine
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
"History is Watching": Biden Encourages US House to Approve Ukrainian War Aid
Louis Armstrong - When The Saints Go Marching In
Wolf! Wolf!: Joe Biden Joins TikTok Despite Washington's Security Risk Warnings
Kanye West Sunday Service - hallelujah, salvation, and glory
A Londoner has been arrested for expressing his Christian beliefs.
Jonathan Nelson - I Believe (Island Medley
Chinese Women Favor AI Boyfriends Over Humans
From The Virgin Islands Sqad Up
Kylie Minogue to receive Brits global icon award and will perform at ceremony
Common, John Legend - Glory
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Russian Oligarch's Seized Yacht Costs More Than $7 Million A Year To Maintain: US
I have a dream, MLK inspiring speech
Bitcoin Reaches $50,000 for First Time in Over Two Years
Aretha Franklin, Marvis Staples - Oh Happy Day
Travis Kelce's First Words to Taylor Swift After Winning the Super Bowl Have Us Swooning
BVI Freedom Song
Google pledges 25 million euros to boost AI skills in Europe
Billy Preston - You Can't Beat God Giving (Live)
Israel deploys new military AI in Gaza war
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
After Mona Lisa, Climate Protesters Throw Soup at Monet Painting
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Israel Utilizes AI Military Technology in Gaza Conflict
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Greta Thunberg Joins Banned French Anti-Motorway Protest
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Dragons: A 4000-Year Saga of Enigma and Luck
Hello Dolly
Organizer of Dover Tractor Protest Warns of Potential Escalation
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
This might be the funniest clip on the internet involving Cristiano Ronaldo
Bob Marley - Get Up Stand Up
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
Yes He Can
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
What A Friend We Have In Jesus
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
Unforgettable
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Touch The Hem Of His Garment
Cruise lines sailing into 2024 seeing strong demand, AAA says
The Lord's Prayer
Arm CEO talks growth as stock rallies on AI-fueled demand
THE GOD MOVEMENT...BEAUTIFUL BVI
British PM Rishi Sunak Paid More Than 500,000 Pounds In Tax Last Year
Siyahamba
Tesla trails Ford and GM in revenue generated per worker
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
×