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    BRICS to look at bid for top World Bank job

    By Lesley Wroughton | Reuters – Sat, Feb 25, 2012

    MEXICO CITY (Reuters) - The world's major emerging economies on Saturday rejected the tradition that an American automatically is selected to head the World Bank and they will look at putting forward their own candidate for the open job.

    Finance chiefs from the BRICS group of emerging market powerhouses - Brazil, Russia, India, China and South Africa - met on the sidelines of a G20 meeting in Mexico City and agreed the top World Bank job should be open to all countries.

    "Candidates should be based on merit and not on nationality," Brazilian Finance Minister Guido Mantega told reporters.

    Another BRICS official said the group will discuss the possibility of putting up their own candidate to challenge whoever the U.S. government nominates. "Certainly it is a discussion we will have."

    Countries have until March 23 to submit names for the top post and a decision is likely by April meetings of the World Bank and International Monetary Fund.

    Americans have held the top job since the World Bank was set up at the end of the Second World War but the unwritten rule has in recent years faced more resistance, along with the tradition that a European heads the International Monetary Fund, as emerging economies gain more economic clout.

    "It is time we break the traditions of the U.S. and Europe sharing the two seats and amongst all of us we must try harder this time to find some consensus," said Pravin Gordhan, South Africa's finance minister.

    Robert Zoellick, the current World Bank president, plans to step down at the end of June after deciding against seeking a second five-year term.

    The United States has said it will nominate a replacement candidate but has not yet said who it will be.

    Possible candidates are thought to include former U.S. treasury secretary Lawrence Summers, current Secretary of State Hillary Clinton, and Susan Rice, the U.S. ambassador to the United Nations. The State Department has said Clinton would not be taking the job.

    The World Bank is the leading provider of development aid to poorer countries and its president is one of the world's top policymakers.

    "They can put forward their candidate," Gordhan said, referring to the United States. "But rather than it becoming a destructive exercise, it should be a constructive process so that we attempt to build consensus on who the candidate should be. It is idealistic but let's give it a shot."

    (Reporting by Lesley Wroughton; Editing by Kieran Murray)

     

    8 comments

    • Josephine Saba
      Josephine Saba  •  Tucson, Arizona  •  2 mths ago
      To be fair I think the U.S. ought to RESIGN from world bank and the IMF completely

      let them do their thing their way - see once again SIMPLE
      • Dave
        Dave 2 mths ago
        Spot-on Josephine.
    • 94 QB
      94 QB  •  Livingston, New Jersey  •  2 mths ago
      How about George Soros? Who better to watch over a group of thieves (bankers) than another thief?
    • A PT always
      A PT always  •  Lugano, Switzerland  •  2 mths ago
      The World Bank, IMF, UN, OECD et al., are the elite's fetters (NWO) on mankind. The transactional cost imposed might seem insignificant - but it isn't. It is the measure by which the Master/slave relationship exists. The "delete" button for these egregious, vile, pernicious organizations should be hit.

      "To be ignorant of one's ignorance is the malady of ignorance." ~ Amos Bronson Alcott
    • A Yahoo! User  •  2 mths ago
      This will go down just like the French American female Jewish princess at the IMF; they will have no say... but thanks for trying.
    • 2012
      2012  •  Humble, Texas  •  2 mths ago
      Now Obama is going to give the Am Banksters more money to make them stronger so they can get the job.
    • Peter
      Peter  •  2 mths ago
      Are they going to pony up the big $$ like the US has? Or do they just want to spend money contributed by the US, Japan & Europe?
      • RH
        RH 2 mths ago
        The World Bank does not give money. They are a bank which lends money to developing countries.
      • Fillup
        Fillup 2 mths ago
        Yes and America is the one that does not ask that the loans be repaid. Another liberal trap for capitalism. Remember that north-south dialoge where America was curcified for not helping the poor countries enough? Now they with there orginized cheap labor are eating Americas lunch.
    • ArindamB
      ArindamB  •  2 mths ago
      Do you have an alternative plan - such as leaving the World Bank if an American is selected for the next president? If not, then don't be surprised if Washington calls your bluff.
      • RH
        RH 2 mths ago
        If they are financially sound, then they do not need the World Bank. The World Bank lends money to developing countries to develop. In fact, pulling out would decrease the capital available to these countries, and would hurt the world bank more than those countries.
      • Rich
        Rich 2 mths ago
        Yea it's about time for non Americans and Europeans to head the world bank and the IMF
    • Dave
      Dave  •  Milwaukee, Wisconsin  •  2 mths ago
      Good and let the US keep our dues at home, the Rus and Chi-coms can pay for it.
     Post a comment
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