US will put forward a well qualified candidate to lead World Bank: Treasury Secretary

Bengaluru, Feb 23 (PTI) US Treasury Secretary Janet L Yellen on Thursday said her country intends to quickly put forward a well qualified candidate to lead the World Bank.

She said it was important that there is a transparent and swift nomination process for that.

“We appreciate the opening of nominations by the World Bank Executive Board and we believe it is important that there be a transparent, merit-based and swift nomination process for the next World Bank President,” Yellen said in response to a question at a press conference here.

She said: “We intend to put forward a candidate to lead the World Bank, someone we think meets the strong qualifications that are necessary to lead the World Bank and will be committed to the kind of reform process that we want to see the bank engaged in.

“…We intend to quickly put forward a well qualified candidate, and I don’t have any updates for you on who that would be, stay tuned,” she added.
Yellen was speaking ahead of the First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency scheduled on February 24 and 25 here.

World Bank Group President David Malpass had recently informed the Board of Executive Directors of his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30 after serving more than four years.

“Thank David Malpass for his service as President of the World Bank and his commitment to a smooth transition”, the Treasury Secretary said, adding that under his leadership, the bank has measurably improved the lives of people around the world.

Stating that the US is in the process of working with shareholders and management to evolve the World Bank, she said, “Over the next couple of days, I will be discussing how the G20 can build on the momentum at the World Bank for ambitious reforms. I’ll also discuss how we can accelerate the evolution of the regional development banks.”