The Politics of the World Bank Presidency

The World Bank will select a new president Monday to replace Robert Zoellick, retiring at the end of June. The presidency of the World Bank is traditionally allotted to an American, just as the presidency of the International Monetary Fund always has gone to a European. But, this time the emerging market countries have demanded that one of them be considered for the post. A Columbian, Jose Antonio Ocampo, withdrew yesterday, after not being able to get a South American commitment to support him on Monday. This leaves two candidates : Madame Ngozi Okonjo-Iweala of Nigeria and Jim Jong Kim, an American born in South Korea. One would think that Mme Okonjo-Iweala might benefit from Ocampo’s withdrawal, as the remaining emerging world representative, but it seems that Japan, the United States, Canada and Mexico are supporting Mr. Kim. Most of Europe will vote with the Americans because this will help to assure that America will continue to vote for their candidates to head the IMF. This should guarantee Mr. Kim at least 60% of the votes, more than enough needed to win. There has been some negative noise from the BRIC countries (Brazil, Russia, India and China) but after meeting with Mr. Kim this week, the Russians announced that he is the best qualified candidate and that they will support him. So, Monday morning, we ought to find that the new head of the World Bank is the American, Jim Jong Kim, a medical doctor and anthropologist, who seems to be something of a specialist in tuberculosis. What that has to do with running the World Bank, I am sure we’ll find out in due course. Now, if the American presidency could be decided on just as civilized (or perhaps cynical) a basis as that of the World Bank, think of the time, money, bad political ads and speeches we’d be spared between now and November. Well, it’s Friday, the 13th…I can conjure up witches brews, can’t I???