New World Bank Chief to Face Many Challenges

March 28, 2012

Dr. Jim Yong Kim is President Obama's choice to lead the World Bank.

President Obama has nominated Dartmouth College President Jim Yong Kim to be the next World Bank president. Since 1944, an American citizen has always led the institution. But with the growing strength of emerging economies, more countries want to influence how the World Bank does business.

Dr. Kim is one of three candidates for the World Bank presidency. He’s a doctor and former World Health Organization official. The others are Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian finance minister Jose Antonio Ocampo.

However, Fredrik Erixon, director of the Brussels-based European Center for International Political Economy, said the American is the runaway favorite for the post.

“I think it’s already close to a done deal that the White House nominee will take up the post simply because the United States and Europe are probably going to agree on him being the candidate. And that means that he’s going to win. But I think that he, like the other two candidates, should be asked to present what they’d like to do with the World Bank. And they should in particular be asked how they want to reform the World Bank to revitalize its role for economic development,” he said.

Political pressures?

Erixon also said this being a presidential election year it’s very unlikely anyone but an American would become World Bank president.