Ivanka Trump Is Become New World Bank President 

The world's top financial institution, The World Bank Group is currently in need of a new president after its former head Jim Yong Kim unexpectedly stepped down on January 7, some three and a half years before the end of his mandate in 2022. The resignation of Kim took many stakeholders unawares and stirred shockwaves throughout the international aid community. Even though Jim will officially leave that position on February 1, speculations are alreday high as to who will succed him and run the financial organ for the next five years.

Generally, the president of the World Bank is appointed by the US President. Former US president Barack Obama in 2012 nominated Kim for both his first and second terms at the head of the Washington-based organization. Kim's sudden resignation now leaves Donald Trump with the opportunity to appoint a successor. In the meantime, the bank’s chief executive, Bulgarian national Kristalina Georgieva is acting as the interim president, filling the void left by Kim until he leaves on February 1.

Speculations About the New President of the World Bank

It is not yet known who will be appointed as the next President of the World Bank, but there are speculations that the eldest daughter and senior adviser of President Donald Trump, Ivanka Trump is one of those persons considered as Kim's successor. According to the Financial Times, a handful of individuals including; Ivanka Trump, Treasury official David Malpass, former UN ambassador Nikki Haley and head of the US Agency for International Development Mark Green are on the list of possible candiates for the top job. however, the White House indicated on Monday, January 14 that Ivanka will only paly a role in helping choose the next head of the financoal body. A Trump administartion official insisted that Ivanka will not be a candidate for the position, after it was rumored that she will be a contender for the position. Treasury secretary, Steven Mnuchin is said to have called Ivanka same week that Kim reisigned to inquire if she would be involved in the selection process of a new world bank head. According to White House spokeswoman Jessica Ditto, Ms. Trump was asked because she has worked closely with the World Bank’s leadership for the past two years.

Administration officials were on January 15 expected to begin the interview process for the job, which has always gone to an American. President Trump's senior adviser, Ivanka Trump, Treasury Secretary, Steven Mnuchin and White House chief of staff, Mick will make recommendations to President Trump, who will nominate a candidate for the position. Member countries of the World Bank will then vote on the nominee. Traditionally, the American president’s choice is accepted and Europe chooses the leader of the International Monetary Fund because both institutions were founded during World War II.

It is worth noting that Ms. Trump is seen inside the White House as having unique influence over her father, President Donald Trump, especially when it concerns matters relating to personnel decisions. In explaining Ms. Trump’s qualifications for participating in the selection process, the Trump administration official cited both Ms. Trump’s close relationship with Mnuchin as well as her work with Mr. Kim. Her involvement with the World Bank has drawn criticism in the past.

As the biggest shareholder, the United States has the upper hand over the selection of the new World Bank president, which for the past 75 years has been filled by an American, with the backing of European nations. However the unspoken agreement to have an American lead the World Bank and a European at the IMF has received criticisms in recent years, and both institutions have seen candidates from Nigeria and Mexico challenge the current leaders.   

07 July 2022
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