Senate chides US over World Bank presidency
Wednesday April 18 , 2012

Senate yesterday chided the United States of America (USA) for not opening up the process, which led to the selection of a new World Bank President. On resumption of plenary after a two-week Easter break,Senate noted that USA did not allow a fair and merit-based process in the selection of Jim Yong Kim as the new President for the World Bank.

The nation’s upper legislative chamber equally expressed concern that all the past Presidents of the World Bank had been citizens of the United States and those nominated by the United States since the bank was founded in 1944.
The Senate’s position was predicated on a motion by Senate Leader, Victor Ndoma-Egba (SAN), who expressed disappointment that the candidature of Okonjo-Iweala did not receive fair consideration in an open, transparent and merit-based process.

Thereafter, the Senate  “urged the government of the US, the European nations and their allies to open up the process of the selection of President of the World Bank, and ensure that the next term, a candidate of the emerging economies, an African, preferably a Nigerian, is chosen as President of the World Bank, thus making a truly world institution of equal opportunity to member nations.”

In his remarks, Ndoma-Egba noted that the Senate was convinced that the nomination of Nigeria’s Finance Minister, Mrs. Ngozi Okonjo-Iweala “was an indication of the trust the World Bank had in her abilities to deploy her skills, commitment and professionalism to steer the affairs of the bank.

The motion however noted that the candidature of Dr. Jim Yong Kim received Europe’s backing for the job because the US had backed France’s nomination of Christine Lagarde for the top role at the International Monetary Fund (IMF) after the resignation of Dominique Kahn.
In its resolution, Senate lauded Okonjo-Iweala’ efforts and her backing during the contest for the World Bank Presidency
The chamber also commended President Goodluck Jonathan and his government for giving support to Okonjo-Iweala and also congratulated Kim on his emergence.

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