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China says World Bank head should be chosen on merit - Daily News Egypt

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China says World Bank head should be chosen on merit

BEIJING: China said Thursday it hoped the next head of the World Bank would be selected on "merit", amid calls for an end to US dominance at the global lender after Robert Zoellick steps down. Zoellick, 58, said he would leave in June at the end of his five-year term, and his departure has set …


BEIJING: China said Thursday it hoped the next head of the World Bank would be selected on "merit", amid calls for an end to US dominance at the global lender after Robert Zoellick steps down.

Zoellick, 58, said he would leave in June at the end of his five-year term, and his departure has set the scene for a battle over traditional US dominance of the global development lender, where all presidents have been American.

"China hopes that the World Bank will select the next president based on the principles of openness, competition and merit," foreign ministry spokesman Liu Weimin told reporters.

Liu would not be drawn on whether China would prefer a non-American to lead the global lender, unlike Brazil, which has already urged the World Bank to give proper consideration to developing country candidates.

But he praised Zoellick’s role in "enhancing the say and representation of developing countries in the World Bank."

Thanks to an unwritten pact between European powers and the United States dating back to 1945, all 11 Bank presidents have been Americans and all IMF managing directors have come from Europe.

But a number of emerging-market countries and non-governmental organizations have lobbied for years for an end to that tacit pact to better reflect today’s global economy.

After former International Monetary Fund (IMF) chief Dominique Strauss-Kahn’s sudden resignation last May, China called for the selection of the next leader to better represent emerging markets.

In the end, though, Beijing pledged its support for French finance minister Christine Lagarde, who was eventually chosen to head the IMF over several non-Europeans.

During his tenure, Zoellick shepherded the Bank and its members through the financial crisis that had a heavy impact on many of the world’s poorest countries.

Liu praised his role, saying he had helped mobilize "all kinds of resources to help developing countries face the challenges of the international financial crisis, promoting global poverty alleviation and development."

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https://dailyfeed.dailynewsegypt.com/2012/02/17/china-says-world-bank-head-should-be-chosen-on-merit/
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