U.S. to “quickly” appoint a candidate to lead the World Bank, says Yellen

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U.S. to "quickly" appoint a candidate to lead the World Bank, says Yellen

The United States will seek to “quickly” nominate a World Bank presidential candidate who is committed to the institution’s poverty reduction mission as well as loan reforms to fight climate change and other global challenges, U.S. Treasury Secretary said on Thursday. Janet Yellen.

At a news conference ahead of a meeting of G20 financial leaders outside Bengaluru, Yellen declined to provide the name of the U.S. candidate or say whether it would be a woman.

The World Bank’s Board of Executive Directors plans to open candidacies for the top job later Thursday, saying it would “strongly encourage women candidates.”

The council hopes to elect a new candidate in early May to replace incumbent President David Malpass, who said he will step down in early June, well before the end of his term in April 2024.

The Treasury manages America’s dominant stake in the World Bank, giving Yellen a great deal of influence over who runs the institution. Since its founding at the end of World War II, Washington has traditionally chosen the head of the entity, while Europe has chosen the head of the International Monetary Fund.

Yellen said the U.S. candidate will have the qualifications needed to lead the institution and will be committed to lending reforms to fight climate change, pandemics and other global challenges, while preserving the bank’s long work to reduce poverty.

“We intend to quickly present a well-qualified candidate. And I don’t have any up-to-date information for you guys about who it might be, stay tuned,” Yellen said.

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