HomeEconomyYellen says qualifications of World Bank nominee will overcome selection criticism Economy Yellen says qualifications of World Bank nominee will overcome selection criticism By farahat February 25, 2023 0 92 views Share FacebookTwitterPinterestWhatsApp Well -0.11% Add/Remove from Watchlist Add to watch list Add location Location successfully added to: Please name your Shareholding Portfolio type: purchase Sell date: quantity: price point value: Leverage: 1: 11: 1: 1: 1: 10 1: 16 1: 20 1: 25 1: 11 Committee: 400 200 500 CREATE NEW WATCHLIST CREATE 200200 68 Create a new holding portfolio Add Create 50063 + Add Another Post Close David Lauder BANGALORE (Reuters) – U.S. Treasury Secretary Janet Yellen Six said she believed U.S. nominee Ajay Banga, the former chief executive of Mastercard, had strong credentials to lead the World Bank and would overcome any criticism of the selection process. In the interview, Yellen affirmed her support for the United States’ long tradition of choosing the leader of the World Bank and the euro’s move to select the head of the International Monetary Fund. people. But with privilege, she said, comes the responsibility to “nominate the most likely candidate” for the job. “We take this very seriously and try to identify candidates who we think can bring the right skills to the job,” Yellen said. “We want our candidates to be widely accepted in both lender and borrower countries.” Yellen said that so far she is Satisfied with the positive review of G Finance Officer of Banga, , an Indian-born U.S. citizen, for changing MasterCard (NYSE: 63MA ) and is committed to helping people in developing countries escape poverty. But President Joe Biden’s surprise move to nominate Banga after the World Bank’s board began accepting nominations on Thursday is It has drawn criticism from some nonprofits, climate and development professionals that the U.S. never wanted to openly compete for the job and has been quick to seek to hold off challengers. As the largest shareholder of the World Bank and . % of the voting power, the U.S. wields strong influence over the bank’s policy, and the bank’s president works closely with the Treasury Department. Claire Healy, Washington director of the E3G climate think tank, said of the announcement of the board’s selection process: “Women candidates are strongly encouraged. So much for transparent, performance-based processes.” “Time frame is short and stakes are high so concerns about process may be put on hold to complete reforms, ’ added Healy. Yellen puts pressure on the world Banks will complete package of sweeping reforms aimed at dramatically expanding their lending resources and tackling climate change and other global challenges duty of. Banga will face tough challenges surrounding the agency’s financial and capital structure issues from the start – he will have to address Tough question as he recasts the bank as a force fighting climate change on top of its traditional role as a poverty fighter. “There is widespread agreement that we need to mobilize private capital,” Yellen said. “This is a guy who has a better chance of making it happen than anyone I can honestly think of.” She added that his background was “really very different” from past World Bank presidents, who were usually handpicked for jobs in the government sector. “Here’s a guy who grew up in emerging markets, spent most of his career working in Africa, the Middle East and Asia, and really understands deeply and live in countries with development challenges,” she said. 100 Share FacebookTwitterPinterestWhatsApp Previous articleWes Bentley on 'Yellowstone' Off-Camera Drama: 'They're Still Working On'Next articleThe 5 Best Motorcycles for Long Distance Riding farahat RELATED ARTICLES Economy Debt Ceiling Deal, Fed Rate Path, Erdogan's Victory – What's Moving Markets May 29, 2023 Economy US Debt: Heed These Warnings Before Celebrating a Deal May 29, 2023 Economy China urges Japan to end chip export curbs May 29, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! 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