Saturday, 18 January 2020

Sri Mulyani Named Strong Candidate for World Bank President



Mahinda Arkiyasa

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  • TEMPO.CO, Jakarta - Indonesian Finance Minister Sri Mulyani is considered to be one of the eligible candidates for the World Bank President position. Sri is considered to be a strong contender and globally respected to replace World Bank former president Jim Yong Kim.

    "It's time for a change," said Mark Sobel, United States Chairman of the Official Monetary and Financial Institutions Forum (OMFIF), a London-based think tank. "People from outside the United States must lead the World Bank," Mark stated in an article posted on OMFIF website.

    Mark called the need for a change because since it was established after the Second World War in 1945, the World Bank was always led by a US citizen. It is known that Jim Yong Kim has double citizenship, which is South Korean and American. Such condition was considered normal because developed countries had dominated the post-war economy.

    However, Kim's recent departure from the position is considered to be an opportunity to change the situation. If developing countries wish to break the tradition, Mark said that they must immediately find a replacement for Kim.

    In addition to Sri Mulyani, Mark also mentioned Nigerian Finance Minister Ngozi Okonjo-Iweala. Both Sri and Ngozi was former acting World Bank Director under the World Bank President.

    Nevertheless, Mark did mention that the President of the United States will continue to make attempts to secure the position under American authority. Such condition, Mark underlined, is similar to the condition found in the International Monetary Fund (IMF).

    When IMF Acting Director Dominique Strauss-Kahn resigned in 2011, France immediately nominated Christine Lagarde. As a result, the IMF had never led by someone from outside of Europe since it was established in 1945.