January 4, 2005: Headlines: COS - Peru: University Administration: World Bank: Tech News World: Peter McPherson is candidate for New World Bank Chief

Peace Corps Online: Directory: Peru: Special Report: MSU President and Peru RPCV Peter McPherson: January 4, 2005: Headlines: COS - Peru: University Administration: World Bank: Tech News World: Peter McPherson is candidate for New World Bank Chief

By Admin1 (admin) (pool-151-196-43-253.balt.east.verizon.net - 151.196.43.253) on Saturday, January 08, 2005 - 10:07 am: Edit Post

Peter McPherson is candidate for New World Bank Chief

Peter McPherson is candidate for New World Bank Chief

Peter McPherson is candidate for New World Bank Chief

Bush Administration Begins Search for New World Bank Chief
Bush Administration Begins Search for New World Bank Chief

By Campion Walsh and Elizabeth Price
FWN Select
01/04/05 8:24 AM PT

Traditionally the U.S. picks the head of the World Bank, an institution whose mission is poverty alleviation, while European countries choose the head of the International Monetary Fund, which addresses broader macroeconomic concerns. In practice, U.S. and European officials consult with each other and leaders of developing economies.

The Bush administration on Monday said it has begun its search for a candidate to replace World Bank President James Wolfensohn, whose term expires in June.

Wolfensohn, in an interview Sunday with ABC's "This Week," said he expects to step down after two five-year terms. A spokesman for the U.S. Treasury, the U.S. government department with oversight responsibility for the World Bank, told reporters the U.S. would begin consulting with other nations to find a successor.

"The expectation is that Jim Wolfensohn will serve out the remainder of his term ... we would like the president-elect to be able to hit the ground running as soon as possible immediately after," said Treasury spokesman Rob Nichols.
US Leads Selection Process

Traditionally the U.S. picks the head of the World Bank, an institution whose mission is poverty alleviation, while European countries choose the head of the International Monetary Fund, which addresses broader macroeconomic concerns. In practice, U.S. and European officials consult with each other and leaders of important developing economies to ensure candidates have broad support.

Wolfensohn, who implemented sweeping changes to the Bank's bureaucracy and put the spotlight on the damage of corruption in poor countries, hinted just a few months ago that he would like to lead the bank for another term.

"I think the most important thing for this institution is to embed what we've been doing for the last 10 years," Wolfensohn told reporters before the Bank's annual meetings in September. "And if it takes extra time for me to do it -- and given the opportunity -- I might do it."

However, Wolfensohn often clashed with U.S. Treasury officials over the way the World Bank dispenses development aid. For example, he objected to U.S. proposals to shift some World Bank aid from loans to grants -- a plan that he said would deplete the Bank's resources for future funding.
Contenders Named

In a prepared statement Monday, U.S. Treasury Secretary John Snow said Wolfensohn has been "an outstanding leader of the World Bank" who had historic accomplishments.

Snow cited Wolfensohn's work to benefit the world's poor, his cooperation on the reconstruction of Iraq and Afghanistan, and his leadership on anti-corruption efforts.

Nichols said the selection process for Wolfensohn's replacement would be open, candid and transparent. U.S. Trade Representative Robert Zoellick, a perennial candidate for many high-profile Washington jobs, is often mentioned as a leading contender to head the World Bank. John Taylor, the U.S. Treasury undersecretary for international affairs, is also cited as a possible replacement.

World Bank insiders said another candidate is former Michigan State University President Peter McPherson. McPherson spent six months in 2003 helping the Bush administration establish a new currency and central bank in Iraq. He is retiring to Washington this year to work on volunteer initiatives to fight poverty in Africa. McPherson sits on the board of directors of Dow Jones & Co.

© 2004 Odj. All rights reserved.
© 2004 ECT News Network. All rights reserved.





When this story was posted in January 2005, this was on the front page of PCOL:

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Story Source: Tech News World

This story has been posted in the following forums: : Headlines; COS - Peru; University Administration; World Bank

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