The World Bank suddenly announced on the 7th that World Bank President Kim Min Jong will leave the post early on February 1, and three and a half years after his second term expires.
The analyst believes that given the unwritten practice of the president of the World Bank who has been nominated by the US president, the departure of Kim Min will give President Trump the opportunity to nominate his candidate, and how it will affect the Bank's reforms. It is worthy of attention.
Gold will join the private sector
Golden said in a statement issued on the World Bank that he is honored to be the President of the World Bank and that the World Bank is committed to eradicating extreme poverty. As the global demands of the poor increase, and the scale and complexity of climate change, pandemics, famine, refugees, etc., the Bank's work is more important than ever.
According to Reuters, Kim Min Jong will join a private sector that specializes in infrastructure investment in developing countries.
He said: The opportunity to join the private sector is quite unexpected. But I think this is the way I can make the most impact on major global issues such as climate change and emerging market infrastructure gaps.
The company and the World Bank did not explain the reasons for their early retirement. Reuters said that Kim Min, nominated by former President Barack Obama, is inconsistent with the current climate change policy and energy policy of the Trump administration. He also gave the Trump administration no opportunity to nominate his own candidate after he left office.
The US Treasury spokesman thanked Kim Min Jong for his service to the World Bank. Finance Minister Mnuchin said that he will work hard to select his successor candidate.
After Jin Jin's resignation, World Bank CEO Georgieva will serve as the Bank's interim president from February 1.
Unspoken rules Challenged Will the US priority be a standard?
Since its inception, in accordance with the tacit understanding, the position of President of the World Bank has been nominated by the United States, the largest shareholder of the World Bank, and the President of the International Monetary Fund (IMF) has been nominated by the European nominee.
Analyst believes that the Trump administration is currently focusing on government closures and disputes over the US-Mexico border. It is still difficult to guess what candidates the US will nominate and how to make the Bank reform in a direction that is more in line with US priorities. Perhaps one of the Trump government selection criteria.
However, the nominee for the US president ultimately needs to be approved by the World Bank Executive Board. Scott Morris, a senior researcher at the Washington Think Tank Global Development Center, believes that if the Trump administration nominates a president who publicly opposes the World Bank, I am afraid it will be opposed by other members.
The World Bank president is always hand-picked by the United States. In recent years, it has also encountered challenges, calling for more frequent calls from candidates from developing countries.
Columbia University professor Jeffrey Sachs has published an open article, emphasizing that the role of the President of the World Bank should be based on the Bank's responsibilities to select experts with experience in the field of poverty alleviation, and should not be monopolized by US bankers and senior government officials.
Laglam Rajan, a professor of finance at the University of Chicago and former central bank governor of India, believes that if the World Bank, the International Monetary Fund and other institutions want to become more attractive to the rest of the world, they must end the Americans. The practice of serving as President of the World Bank and Europeans as President of the International Monetary Fund.
He also pointed out that the rise of global populism and the fierce debate over globalization have also put more pressure on the heads of international institutions such as the World Bank. It is even easier to find excellent candidates for World Bank presidents.
When the World Bank continues to expand the voice of developing countries
The World Bank and the International Monetary Fund are pillars of the Bretton Woods system led by the United States and Europe. Today, the contrast of global economic power is not the same as that of decades ago. Emerging economies are increasingly becoming an important engine of world economic growth. The international community's call for promoting international governance reform is endless. However, the strength of developing countries still has a gap with developed countries. To improve the right to speak, it is necessary to continuously build up strength.
As an important international organization that targets developing countries and poor countries and is primarily responsible for poverty alleviation, the Bank should continue to be a practitioner of multilateral modernization and should continue to place the demands of developing countries and poor countries. First, expand the voice of developing countries and provide stronger support for sustainable growth.
The then World Bank President Zoellick is scheduled to step down in June 2012. The World Bank announced at the time that the then Korean medical expert of the Dartmouth College, Kim Min Jong, former executive deputy governor of the World Bank and Nigerian Minister of Economic Coordination and Finance Ochocho Iveira, former Colombian Minister of Finance Ocampo is a candidate. This is the first time that the World Bank has competed with non-American candidates and the White House nominees.
Golden 墉 was elected to the World Bank President. In September 2016, the Bank's Executive Board agreed that Jin Hao will be re-elected as President of the World Bank. His second term will begin on July 1, 2017 for a five-year term.
Golden said in 2017 that the Bank needs to increase capital to meet the growing loan demand of emerging markets and developing countries. However, according to the US Treasury Secretary Mnuchin's proposal for the reform of the World Bank and the IMF submitted in October 2017, the Trump administration does not support this. He hopes that the World Bank will adjust the focus of loan disbursement, strengthen fiscal discipline, and achieve financial self-sufficiency. .