Brasília – This Monday (16th) the World announced the United States-born Jim Yong Kim, of South Korean descent, as its new president, replacing Robert Zoellick. Yong Kim will start his five-year term in July.
Shortly before the World Bank’s announcement, the Brazilian minister of Finance, Guido Mantega, had announced the country’s support to the candidacy of former Nigerian minister of Finance, Ngozi Okonjo-Iweala. Last Friday (13th), Mantega had stated that Brazil’s support depended on discussions between the Brics group (Brazil, Russia, India, China and South Africa).
South Africa had already announced its support to the Nigerian’s candidacy. This Monday, Mantega arrived in Brasília and announced the Brazilian government’s decision to back Ngozi Okonjo-Iweala prior to discussing it with other Brics countries.
To Mantega, the Nigerian is more technically skilled to address poverty and carry on with reforms to ensure greater participation of the emerging countries in the World Bank. Another candidate, the former Colombian minister of Finance José Antonio Ocampo retired his candidacy.
“The Brics [countries] remain united in their belief that the World Bank must forge ahead with its reforms. Thus, whoever comes out the victor, we will demand reforms from them. Otherwise, there will no involvement whatsoever from emerging countries,” he said before learning of the result.
According to Mantega, thus far, the World Bank “has been directed by people appointed by the United States, by wealthy nations, and there has been no major improvement in the situation of poor countries.”
Mantega should travel to Washington next Wednesday (18th) to attend a meeting of the International Monetary Fund (IMF) and the World Bank. The minister said he will have a lengthy schedule in the United States, including meetings with the Brics and G20 countries (the latter of which comprises the leading world economies). Topics under discussion will include an eventual increase in the amount of funds to the IMF. The initial figure of US$ 600 billion is now down to US$ 400 billion.
*Translated by Gabriel Pomerancblum
