World Bank Presidency Search Opens With Kim's Hat In Ring
Muhammad Rameez Published August 24, 2016 | 11:35 AM
WASHINGTON, (APP - UrduPoint / Pakistan Point News -24th Augst,2016) - World Bank chief Jim Yong Kim will seek a second term of office, the global development lender said Tuesday as it announced the start of a selection process for the presidency. Kim's bid to remain as president comes in the face a rare public rebuke from the Bank's rank-and-file, who earlier this month declared that the institution faced a "crisis of leadership." "The executive directors expressed unanimous support for an open, merit-based and transparent selection, with nominations open to all member countries," the executive board said in a statement. Kim's five-year term ends on June 30. Following an unwritten rule, the United States, the Bank's largest shareholder, has always chosen its president, while the International Monetary Fund leader has been drawn from Europe.
The World Bank staff association said in an open letter on August 8 that this tradition flew in the face of principles of transparency, diversity and merit-based selection, given that the process had always selected an American man. The executive board said Kim had been selected in 2012 according to new principles meant to ensure an "open and transparent" process and that the next president would be as well. Kim was the first American candidate to face competition when Nigerian Finance Minister Ngozi Okonjo-Iweala also contended for the presidency. The latest selection process begins at midnight on Thursday, launching a three-week window for nominations.
Related Topics
Recent Stories
Gillespie, Kirsten feature in 48th edition of PCB Podcast
Security forces kill four terrorists in Tank
Fake immoral video of Ducky Bhai's wife goes on viral on social media
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 April 2024
Today Gold Rate in Pakistan 29 April 2024
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
Today Gold Rate in Pakistan 28 April 2024
Fresh wave of rainfall in AJK continues for the second consecutive day
Babar, bowlers help Pakistan level series 2-2 against New Zealand
Attack in restive Chilean province leaves three police officers dead
PM, Saudi Royal court advisor discuss ways to boost economic ties
England clinch third successive Women's Six Nations Grand Slam
More Stories From World
-
Door-to-door anti-polio campaign kicks off in Afghanistan
11 minutes ago -
Crime thriller "Twilight of the Warriors: Walled In" leads Chinese box office
11 minutes ago -
Will he resign or not? Spain awaits PM's decision
11 minutes ago -
England stars Kane and Bellingham headline Bayern-Real Madrid battle
31 minutes ago -
German ex-soldier to stand trial in Russian spying case
41 minutes ago -
Spain's PM to announce Monday whether he will resign or not
41 minutes ago
-
20,000 Georgians march 'for Europe', protest controversial bill
1 hour ago -
Madrid wary of 'bestia negra' Bayern in 'European Clasico'
1 hour ago -
S. Africa's ex-president Zuma makes surprise comeback
1 hour ago -
Climate change, Brexit threaten to wilt Dutch tulips
1 hour ago -
Clippers thwart Mavs' comeback bid, Brunson's 47 points fuel Knicks win
1 hour ago -
New Zealand's McLaughlin wins second straight Alabama IndyCar race
1 hour ago