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post #1 of 29 (permalink) Old Mar 23rd, 2012, 03:45 AM Thread Starter
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African countries and other Emerging Nations Challenging US on World Bank Leadership

Emerging nations flexing their muscles

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African finance ministers back Nigerian for World Bank job




(Reuters) - South Africa has called a news conference for Friday to announce an African candidate for the World Bank presidency, widely expected to be Nigerian Finance Minister Ngozi Okonjo-Iweala, sources familiar with the discussions said on Thursday.



South Africa chairs one of the three African seats on the 25-member World Bank board, and Okonjo-Iweala's candidacy was being proposed after consultations between South African President Jacob Zuma and Nigerian President Goodluck Jonathan, the sources said.


A statement from South Africa's Treasury said the Finance Ministers of Angola, Nigeria and South Africa would hold a news conference in Pretoria on Friday, although it did not disclose details of the agenda.
Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to make the first concerted challenge to the U.S. grip on the top job at the World Bank, sources told Reuters this week.


Brazil said this week that both Okonjo-Iweala and Ocampo would be "great" candidates to replace Robert Zoellick as head of the Washington-based development institution, the latest sign of emerging nations wanting more say in how it is run.


Washington has held the presidency since the bank's founding after World War Two, while a European has always led its sister organization, the International Monetary Fund.


Despite the push by emerging nations, the United States has the bank's largest voting share and is expected to win the support of most developed nations, making it likely that another American will succeed Zoellick.


The United States has yet to identify a nominee.





source: http://www.reuters.com/article/2012/...82L0UQ20120322
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post #2 of 29 (permalink) Old Mar 23rd, 2012, 03:51 AM Thread Starter
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

Brazil and South Africa leading the charge

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Emerging nations mount challenge for top World Bank job






WASHINGTON - Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to make the first concerted challenge to the U.S. grip on the top job at the World Bank, according to sources.



The two globally respected economists and diplomats will be nominated for the World Bank presidency by South Africa and Brazil, the sources with knowledge of market efforts to find candidates said.



But with the bank's largest voting share and the expected support of most developed nations, the United States is still likely to ensure that another American succeeds Robert Zoellick, who plans to step down when his term expires at the end of June.

Washington has held the presidency since the bank's founding after World War Two, while a European has always led its sister organization, the International Monetary Fund. The United States has yet to publicly identify a nominee to succeed Zoellick.

The deadline for nominations is Friday, and the Obama administration has said it will name a candidate by then.

All of the World Bank's 187 member nations have committed to a transparent, merit-based process to select Zoellick's successor, a step adopted last year to give emerging economies a greater say in who heads the poverty-fighting institution.



Emerging and developing economies have long expressed a desire to break U.S. and European dominance of the two Bretton Woods institutions, but until now had failed to build a coalition large enough to mount a credible challenge.



Three sources said Ocampo, currently a professor at Columbia University in New York, would be formally nominated by Brazil, which chairs a cluster of Latin American countries, including Colombia, at the World Bank board.



Sources said South Africa will nominate Okonjo-Iweala, who served as a managing director at the bank until last year when she left to become finance minister.

Carlos Cozendey, the secretary of foreign affairs at Brazil's Finance Ministry, said both Ocampo and Okonjo-Iweala are "great" candidates and their candidacies signaled increased coordination among developing countries.

"We continue to believe that the president should be chosen based on merit, and it is very positive to have an open competition process," Cozendey said.

Nominations will be submitted to the 25-member World Bank board, which will make a decision within the next month. Any extension of the deadline would require the board's approval.



"IMPRESSIVE CREDENTIALS"

The decision to nominate Okonjo-Iweala and Ocampo followed weeks of consultations among representatives from BRICS nations - Brazil, Russia, India, China and South Africa - and other developing countries at the World Bank board level aimed at finding credible nominees. Board sources said China also considered putting forward a candidate.



Two sources said South Africa's director at the World Bank board, Renosi Mokate, who also represents Nigeria and other English-speaking African countries, flew to Abuja to consult with Okonjo-Iweala about her nomination.



Her nomination was put in train after discussions between South African President Jacob Zuma and Nigerian President Goodluck Jonathan, a source with knowledge of the talks said.

"The impressive credentials of both Ocampo and Okonjo-Iweala puts tremendous pressure on the White House to come up with a candidate of at least equivalent standing," said Domenico Lombardi, a former World Bank board official now at the Brookings Institution in Washington.



"This is the first time in history we have a truly contested election," Lombardi said.

Okonjo-Iweala and Ocampo, a former U.N. under-secretary for economic and social affairs, will join U.S. economist Jeffrey Sachs, who has the backing of a handful of small countries, on the nomination list.



Sources with knowledge of the Obama administration's thinking say Washington has focused its search on convincing a woman to enter the race.

Susan Rice, the U.S. ambassador to the United Nations, is a leading contender, though it is not clear she wants the job, sources said. Lawrence Summers, a former economics adviser to President Barack Obama, has also been short-listed, sources said. He has declined to comment.



U.S. Senator John Kerry and PepsiCo's Indian-born chief executive, Indra Nooyi, also made the Obama administration's short list, according to a source. Kerry has publicly ruled out the job and a source said Nooyi is no longer in contention.



Sachs has said his aim is to challenge what he sees as a history of political appointments by the White House for the job, and he acknowledges he does not have Obama's support. He has been formally nominated by Bhutan and a grouping of developing countries including East Timor, Jordan, Kenya, Namibia and Malaysia, many of which he has advised.



Lombardi said the test was whether large emerging economies like China would support Ocampo and Okonjo-Iweala, or in the end side with the U.S. nominee in a backroom deal.

The United States has insisted that keeping an American at the helm of the World Bank was critical to ensuring that funds keep flowing from Congress to the institution. — Reuters







source: http://www.gmanetwork.com/news/story...world-bank-job

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post #3 of 29 (permalink) Old Mar 23rd, 2012, 05:23 AM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

It is a big mistake to trust a Nigerian with someone else's money.
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post #4 of 29 (permalink) Old Mar 23rd, 2012, 12:30 PM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

Quote:
Originally Posted by Moveyourfeet View Post
It is a big mistake to trust a Nigerian with someone else's money.
Why? I think that they are wonderful. Just yesterday I received an email promising to give me 6 million dollars if I help an oppressed member of a politician's family by letting him use my bank account to deposit funds. I just sent my information to them and should be seeing a deposit by the end of the day. Who else would pay such a generous fee?

For Dante, it follows then, that the only way to get into Hell is to insist upon it. One must deliberately exclude himself from grace by hardening his heart against it. Hell is what the damned have actively and insistently wished for.

The man that hath no music in himself, nor is not moved with concord of sweet sounds is fit for treasons, stratagems and spoils. The motions of his spirit are dull as night and his affections dark as Erebus. Let no such man be trusted. Shakespeare

Last edited by HippityHop; Mar 23rd, 2012 at 12:43 PM.
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post #5 of 29 (permalink) Old Mar 23rd, 2012, 12:40 PM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by Moveyourfeet View Post
It is a big mistake to trust a Nigerian with someone else's money.
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post #6 of 29 (permalink) Old Mar 23rd, 2012, 01:30 PM Thread Starter
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

Quote:
Originally Posted by Moveyourfeet View Post
It is a big mistake to trust a Nigerian with someone else's money.
Quote:
Originally Posted by HippityHop View Post
Why? I think that they are wonderful. Just yesterday I received an email promising to give me 6 million dollars if I help an oppressed member of a politician's family by letting him use my bank account to deposit funds. I just sent my information to them and should be seeing a deposit by the end of the day. Who else would pay such a generous fee?
I know you are probably joking, but I venture to say you will never make the same comment about Jews or about a black Americans, both of whom have a "questionable reputation" , fair or unfair, with other people's money.
Which does not mean these groups lack capable and qualified people to do the job.
Nigeria and Nigerians are in he same situation.


This is a very bug deal for non-western nations of the world, led by South Africa, India and Brazil.
They are the main borrowers from the World Bank and get imposed stringent restrictions , also known as "shock therapy" .
These austerity measures, in the name of "fiscal soundness" are generally unsustainable for the local economy and their people, for whom it lead dire poverty.



Your reactions mirror the same dismissive, careless post that were written it was written that Brazil economy had taken over British economy as the 6th largest in the world.


If the emerging nations do not get their way and the US does the nomination, I would prefer Jeffrey Sachs.

Last edited by tennislover22; Mar 23rd, 2012 at 01:39 PM.
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post #7 of 29 (permalink) Old Mar 23rd, 2012, 01:43 PM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by Moveyourfeet View Post
It is a big mistake to trust a Nigerian with someone else's money.
yea cause americans are really doing a great job

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post #8 of 29 (permalink) Old Mar 23rd, 2012, 04:05 PM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

I'd rather have Obama's pick than the Nigerian.

Dartmouth President Is Obama’s Pick for World Bank
By ANNIE LOWREY

WASHINGTON — The White House on Friday named Jim Yong Kim, the president of Dartmouth College and a global health expert, as its nominee to lead the World Bank.

That makes Dr. Kim the front-runner to take the helm of the multinational development institution on June 30, when its current president, Robert B. Zoellick, will step down at the end of his five-year term. Tradition has held that Washington selects the head of the bank and Europe its sister institution, the International Monetary Fund, since their founding during World War II.

Dr. Kim’s name was closely held and not among those widely bandied about since Mr. Zoellick announced his plans to move on. Dr. Kim, highly respected among aid experts, is an anthropologist and a physician who co-founded Partners in Health, a nonprofit that provides health care for the poor, and a former director of the Department of H.I.V./AIDS at the World Health Organization.

“The leader of the World Bank should have a deep understanding of both the role that development plays in the world and the importance of creating conditions where assistance is no longer needed,” President Obama said Friday. “It’s time for a development professional to lead the world’s largest development agency.”

Dr. Kim, who was awarded a prestigious MacArthur Fellowship in 2003, was born in Seoul, South Korea, in 1959 and moved with his family to the United States when he was five. He graduated from Brown University in 1982, earned an M.D. from Harvard University in 1991 and received a Ph.D. in anthropology there in 1993.

He was the first Asian-American to head an Ivy League institution when he took the post in 2009.

While working with Partners in Health in Lima, Peru, in the mid-1990s, Dr. Kim helped to develop a treatment program for multidrug-resistant tuberculosis, the first large-scale treatment of this disease in a poor country. Treatment programs for multidrug-resistant tuberculosis are now in place in more than 40 nations, according to Dr. Kim’s biography on Dartmouth’s Web site. He Kim also spearheaded the successful effort to reduce the price of the drugs used to treat this form of tuberculosis.

Dr. Kim’s ascension to the head of the bank is not a sure thing. But the United States supported the candidacy of Christine Lagarde, the former French finance minister, to head the I.M.F. last year, presumably assuring that Europe will support Dr. Kim’s nomination.

In recent years, major emerging economies have criticized the decades-old gentlemen’s agreement giving the United States control of the World Bank’s presidency. The Group of 20 countries has called for a fairer, more transparent selection process for the top posts at the World Bank and the I.M.F., and the World Bank itself has reaffirmed its commitment to an open and merit-based process.

Dr. Kim, as an American, will not escape some of that criticism. But his background working in poorer countries may partially insulate him, and Mr. Obama was reportedly drawn to him in part because of his work fighting tuberculosis and AIDS.

In addition, powerful emerging market countries, like Brazil and China, have failed to rally around a single, viable candidate since the announcement of Mr. Zoellick’s departure.

But Mr. Kim will not be the only candidate for the World Bank job. On Friday, Angola, South Africa and Nigeria put forward Ngozi Okonjo-Iweala, the Nigerian finance minister and former World Bank official.

José Antonio Ocampo, the former finance minister of Colombia and a United Nations official, is rumored to be another candidate.

Jeffrey Sachs, the development economist and director of the Earth Institute at Columbia University, has put himself forward for the position and won the support of some developing countries, including Kenya, although the United States is not supporting his candidacy.

The World Bank will stop accepting nominations at 6 p.m. Eastern time Friday. If there are more than three candidates, the board will name a short list shortly thereafter. The bank has said it intends to have selected its new president by the time of the World Bank and International Monetary Fund spring meetings in April.

The bank provided $57.4 billion in support to low-income and middle-income countries last year. Under Mr. Zoellick’s leadership, the bank raised an additional $90 billion for its fund for the world’s poorest. It also opened up huge troves of data to the public to aid research on development and poverty


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post #9 of 29 (permalink) Old Mar 23rd, 2012, 06:12 PM Thread Starter
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by Le Bon Vivant View Post
I'd rather have Obama's pick than the Nigerian.
I understand, as an Obama voter, you are probably concerned what the Republicans might say if the president were the appointment to emerging nations who chose African.

He would be automatically seen as giving away the country's financial sovereignty to his Kenyan (even if the nominee was from Nigeria, it does not make a difference to the GOP rank & file) relatives.


Too bad, but that is the state of politics today.
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post #10 of 29 (permalink) Old Mar 23rd, 2012, 06:58 PM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by tennisbum79 View Post
Brazil and South Africa leading the charge

"I can resist anything except temptation" - Oscar Wilde
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post #11 of 29 (permalink) Old Mar 26th, 2012, 12:52 AM Thread Starter
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

Having read more about Obama appointment and his life work, I can support him.


He is not your typical economy/finance wonder boy technocrat, whose qualification for the job is only for being brilliant academic and financial wizard.
Dr Kim has actually worked in economical development in those countries that are overwhelmingly interacting transactionally with the world bank.

Last edited by tennislover22; Mar 26th, 2012 at 01:31 AM.
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post #12 of 29 (permalink) Old Mar 26th, 2012, 01:09 AM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by Moveyourfeet View Post
It is a big mistake to trust a Nigerian with someone else's money.
Yep,

I wouldn't trust a Nigerian with my money as far as I could throw them.
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post #13 of 29 (permalink) Old Mar 26th, 2012, 01:10 AM
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by tennisbum79 View Post
He is not your typical economy/finance wonder boy technocrat, who the jobs only for being brilliant academic and financial wizard.
Dr Kim has actually worked in economical development in those countries that are the overwhelmingly interacting transactionally with the world bank.
Which is why I preferred him.


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post #14 of 29 (permalink) Old Mar 26th, 2012, 01:32 AM Thread Starter
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by Le Bon Vivant View Post
Which is why I preferred him.
I take you at your word, but I am still little skeptical you knew about the African pick background.
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post #15 of 29 (permalink) Old Mar 26th, 2012, 01:34 AM Thread Starter
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Re: African countries and other Emerging Nations Challenging US on World Bank Leaders

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Originally Posted by ranfurly View Post
Yep,

I wouldn't trust a Nigerian with my money as far as I could throw them.
Could you trust your money with a Jew, a Chinese, an African American?
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