World Bank to name new president by mid-April

Trump Administration Floating Some Names For Last Head Of The World Bank

On Monday, Kim unexpectedly announced that he would not continue to head the WB, more than three years before his second term ended.

The bank said nominations for president would be open to candidates from any member countries from February 7 to March 14, after which the directors will narrow the field to a shortlist of no more than three candidates.

Through an unwritten post-war agreement with Europe, the institution has always been led by an American while a European has always been at the helm of the International Monetary Fund.

The first competitive process for a World Bank president occurred in 2012, when Mr. Kim, a former Dartmouth professor nominated by President Barack Obama, was selected for the job.

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A Treasury Department spokeswoman would only confirm to the Financial Times that it has received "a significant number of recommendations for good candidates".

Washington, Jan 11 (GCBusiness) The World Bank outlined the selection process for the next president to replace Jim Yong Kim, who suddenly announced an early departure from the multilateral development bank earlier this week.

The President of the World Bank is ex officio chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

However, some pundits say that the worldwide financial community is not prepared for a non-American nominee at the moment.

"I think frankly right now people in the bank are anxious about how do we protect the institution", former senior World Bank official told the Financial Times.

In any case, the success of a United States candidate is not completely assured.

The World Bank has had 12 presidents during its existence.

The Trump administration, which has been wary of and even hostile toward Western-led worldwide institutions like the World Bank, will now be tasked with submitting a recommendation to the bank's board.