The World Bank has selected Jim Yong Kim as its next president, to assume office in July, 2012. He is America’s candidate for position and the two other nominees were Nigeria’s Finance Minister Ngozi Okonjo-Iweala and a former Colombian Finance Minister, Jose Antonio Ocampo. A few days before the selection, Ocampo had stepped down from the race and given his support to Nigeria’s Iweala.
There are debates about whether or not the selection process is based on merit or whether it is another way the West wants to maintain its leadership on the World economy. Kim is an expert in global health and lacks experience in finance and diplomacy. Iweala on the other hand has a long list of achievements which speak for her, including over 20years in finance practices.
The support for Iweala from Countries emerging economies was laudable but the post of the president of the institution has been held by an American since its creation in 1944. Iweala believes that this is a positive step in the democratic selection process and it has shown that an African and indeed a Nigerian, is not only qualified but capable of leading the institution.
Invariable, it is expected that the emerging economies will return to the race for World Bank Presidency.