13 April 2007
Rumor is that the World Bank President will step down this evening. While this would be a small victory, it is only one step towards remedying the fundamental governance flaws within the institution.
The President of the World Bank Group is neither chosen democratically, nor is s/he representative of all of the Bank's member countries. By tradition the World Bank Group President is a US citizen, and the IMF Managing Director a European. Although the World Bank Group President is officially approved by the Board of Directors, in practice the candidate named by the United States is always approved.
This "democratic deficit" in the governance of the institutions must end.
The leaders of both the World Bank and the IMF must be chosen through an open and transparent selection process, strictly on the basis of their merits and capacity to do the job.
The World Bank Staff Association has rightly called for a "global merit-based search for a new president who can restore the Bank's integrity and regain the trust of IDA-15 donors."
BIC CONTACTS
- Manish Bapna, Executive Director: 202-491-8588